Pre-tax profits at the Dublin Port Company last year declined by 24.5% or €9.73m to €29.95m due to higher costs.
According to the annual report for Dublin Port Company, revenues dipped by 1% from €86.59m to €85.76m despite the twin challenges of Brexit and Covid-19.
The port firm recorded the slight dip in revenues after throughput was down on 2020 by 5.2% to 34.9m tonnes.
Exports fell by 9.4% in the year to 13.7m tonnes while imports fell by 2.3% to 21.2m tonnes.
The port company's costs last year increased by 16.8% or €7.2m.
Payroll costs increased by 5% to €13.6m while non-pay costs increased by €6.6m to €36.8m mainly due to higher depreciation charges of €2.9m and higher rates charges of €3.7m due to a rates waiver in 2020.
The port firm's earnings before interest, tax, depreciation, and amortisation (EBITDA) was €48.8m compared to €53.9m in 2020.
Chairman of Dublin Port, Jerry Grant stated that Dublin Port’s "robust performance in throughput terms was matched by a strong financial performance".
In the context of the challenges of Brexit and Covid, Mr Grant said that "as expected 2021 proved to be a very challenging year for Dublin Port Company"
"For the coming year, we expect strong growth - in volumes and EBITDA - with continued capital investment in port infrastructure," said chief executive of Dublin Port, Eamonn O'Reilly.
Mr O’Reilly said that capital investment by the Port Company totalled €59.1m in 2020 and €71.6m in 2021.
The company has a budgeted Capital Investment Programme of €83.3m for 2022.
Mr O’Reilly - who steps down in August after 12 years service as CEO - said that the port expects "to see volumes begin to increase again in 2022 and to surpass the record level of 2019, possibly as early as 2023".
He said that border controls by State services are operating very efficiently to the extent that the company is seeking the return of at least half of the 14.6 hectares of port lands given over to facilitate the border inspection operations of Customs and the Department of Agriculture.
"This is a critical challenge if we are to mitigate the already emerging capacity pinch points," he said.
Last year, Dublin Port recorded 845,236 ferry passengers compared to pre-Covid 20919 figure of 1.9m.
There were no cruise calls to Dublin Port in 2021 compared to one in 2020 and 158 visits in 2019.
Mr O'Reilly’s pay package last year remained unchanged at €259,000 made up of €185,000 in salary, fees of €13,000 and other benefits including pension and taxable benefits of €61,000.
The accounts show that the numbers earning over €100,000 at Dublin Port last year increased from 42 to 56.
The are made up of four earning between €175,000 and €200,000, four earning between €150,000 and €175,000, 18 earning between €125,000 and €150,000 and 30 earning between €100,000 and €125,000.
Numbers employed by the Dublin Port company last year increased from 154 to 156 and staff costs last year increased from €16.14m to €17.5m.
Pay to key management personnel last year totalled €2.15m.
Dublin Port’s shareholder funds at the end of last year totalled €535m that included accumulated profits of €520.4m.
The port company's cash funds last year declined from €160.13m to €123.9m.
No dividend was paid out last year.
