The State will reap a dividend of €19.5 million from the Irish Aviation Authority, following its busiest year.

Ireland’s air traffic grew by over 1.4% last year, and the IAA oversaw more than 1.15 million flights. 

The IAA has reported a 2.8% increase in revenues for 2018, recording a turnover of €198.9 million compared to €193.4 the previous year.

It also reported a profit after tax of €31.3 million, up from €26.3 million in 2017.

The group announced the payment of a €19.5 million dividend to the State shareholder, made up of an ordinary dividend of €7.5 million and a special dividend of €12 million.

Peter Kearney, Chief Executive of the IAA said, "This is a very satisfactory financial performance in 2018, a year in which the IAA safely and efficiently managed a record number of flights in Irish airspace. Despite the uncertainty due to Brexit, these results demonstrate the benefits of our continued investment in technology and our people, and will further cement our position as a leading aviation regulator and service provider."

The IAA receives no operational or capital funding from the State. Its revenues are generated through charges and fees from the aviation industry.