Pretax profits at waste processing and power generation firm Indaver last year surged by 55 per cent to €32.87 million on the back of an increase in electricity prices.
Belgian-owned Indaver Ireland operates an incinerator at Duleek, Co Meath, that produces enough electricity each year to power the equivalent of Drogheda and Navan combined.
The company recorded the sharp increase in pretax profits after revenue jumped by 24 per cent, or €23.4 million, from €98.22 million to €121.64 million, according to its latest accounts.
The company last year paid out a dividend of €18.5 million after paying out a dividend of €19 million in 2021.
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In a note with the accounts, the directors said that profits increased “due mainly to electricity prices which are determined by market influence including gas prices, electricity demand and availability of supply of generators”.
The company made pretax profits of €21.13 million in 2021, also driven by the rise in electricity prices.
Revenue from the sale of goods increased by €10 million, or 12.6 per cent, from €78.8 million to €88.8 million, while its revenue from the sale of electricity increased by €13 million, or 69 per cent, from €19.3 million to €32.7 million.
The firm recorded post-tax profits of €28.65 million after paying corporation tax of €4.22 million.
Last year, An Bord Pleanála cleared the way for the Indaver facility at Duleek to increase the amount of waste it receives to 280,000 tonnes of waste per year – up from 235,000 tonnes of waste per year.
Indaver did secure planning permission for a new €160 million incinerator for Ringaskiddy in Co Cork in 2018 that has the capacity to treat up to 240,000 tonnes of waste annually.
However, that permission has been subject to a High Court challenge by a local environmental group and the Supreme Court in September of last year upheld a High Court ruling that the application can be remitted back to An Bord Pleanála for fresh consideration.
The Ringaskiddy facility is to generate energy that can be converted to electricity to power up to 30,000 homes or used in a district heating system to provide low-carbon heat.
The profit last year takes account of non-cash depreciation, amortisation and impairment costs of €10.1 million.
Numbers employed increased from 198 to 207 as staff costs rose from €12.26 million to €13.68 million. Directors’ pay last year increased from €356,573 to €442,279.
At the end of December last, the firm had shareholder funds of €116 million that included accumulated profits of €29.1 million. The firm’s cash funds increased from €302,534 to €2.85 million.
