Forestry semi-state company Coillte has reported record results for last year as its dividend to the state rose by 25% to €5m.
Coillte said its profits jumped by 64% to €47.6m from €29.1m the previous year, while its earnings before interest, taxes, depreciation and amortisation rose by 12% to €89.6m.
The year also saw a significant decrease in the company's debt levels, with its net debt falling by €22.2m to €154m.
During the year, the company planted 14 million trees and sold 1.34 million cubic metres of logs to sawmill customers in Ireland.
Coillte sold its telecoms mast business during the year, which generated a pre-tax gain of €62.6m.
It also completed 49 land deals, which included the largest foreign direct tourism investment in the country after it secured a deal with Center Parcs on plans to construct a holiday village in Co Longford.
Technology giant Apple also has plans to build its largest data centre in Galway on land sold by Coillte to the IDA in 2015.
On renewable energy, Coillte said it reached deals for three energy projects with an investment value of about €350m. This includes the Cloosh Valley development in Co Galway, which will be the biggest windfarm in Ireland.
Coillte said its panel manufacturing business has recovered strongly from the construction downturn and it is positioning itself as a leading player in value-added, wood pane products in Europe.
During the year, Coillte management concluded a new five year growth strategy for the business, which will see it become the leading forestry and land solutions company in Europe.
It has created three divisions - core forestry, land solutions and panels business, which was recently rebranded as Medite Smartply.
"We have a great opportunity to deliver a consistent positive cash yield and return to our shareholders from these three businesses while at the same time maintaining the public benefits we provide," commented the company's chief executive Fergal Leamy.
