Pre-tax profits at one of the country's largest waste contractors, Oxigen increased by 29% to €3.52 million this year.
New accounts for Oxigen Environmental ULC show that the business recorded the increase in pre-tax profits as revenues rose by 14% from €33.05 million to €37.72 million in the 12 months to the end of April 3 this year.
The directors said that they are pleased with the performance of the company.
They said that the year also saw the start of substantial increases in certain operating costs, such as diesel.
The directors said that the aim is "to minimise the impact upon customers of these cost surges while maintaining a yield to enable further investment in the operation and recoverability of materials".
On the business's future developments, they said that they plan "to invest further in the company’s facilities and operations to further improve efficiency, material recoverability and capacity".
Established in 1987 by Sean Doyle, the business recorded an operating profit of €3.76 million and interest payments of €238,224 were paid out this year.
The firm recorded post tax profits of €3 million after paying out corporation tax of €528,247.
The main activity of the firm continues to be the provision of integrated waste management solutions in the domestic and commercial sector, including waste collection and disposal and the processing of recycled products.
A note attached to the accounts states that the company did not participate in any Government support scheme, Temporary Wage Support Scheme (TWSS), Employment Wage Support Scheme (EWSS) during the course of the pandemic.
Staff costs last year increased from €9.6 million to €10.63 million as numbers employed rose from 254 to 267.
The profit last year takes account of non-cash depreciation costs of €1.8 million.
At the end of April 3, the business had shareholder funds of €41.8 million that included accumulated profits of €39 million.
The business’s cash funds decreased from €6.6 million to €4.83 million.
The amount the business owed to Mr Doyle reduced from €4.5 million in April 2021 to €407,477 at the end of April 3.
