Bord na Móna has reported a near-trebling in its operating profit, as it continued its transition towards renewable energy.

The semi-State firm had an operating profit of €78.9m in its 2022 full year, which compared to a profit of €27.2m a year ago.

That came as revenues rose 16.8% to a record €378.2m, with earnings before interest, tax, depreciation and amortisation doubling to €120m.

"These results are outstanding, showing strong growth and performance in every measure of financial health," said Bord na Móna CEO Tom Donnellan.

"The financial results are the result of the company's investment in a sustainable business model based on delivering climate solutions across renewable energy, recycling, peatland rehabilitation and enabling sustainable businesses across Ireland."

Bord na Móna said it had invested €250m in renewable energy infrastructure in the past year alone, which will go towards the construction of two large wind farms.

A further €270m being invested in two other renewable projects, including a large-scale solar farm.

They are part of the company's plan to invest more than €1.6 billion in renewable projects over a ten year period, as it moves away from peat-based energy.

"We have shown that it is possible to successfully transform a business into one which is proactively contributing to climate solutions," said Mr Donnellan. "We will continue leverage the opportunities in renewable energy, implementing best practices in onshore wind, solar and hydrogen development, while contributing positively to Ireland's circular economy".