Bord na Móna has reported an operating profit of €95.2 million for the financial year to the end of March - the highest in its 90 year history.
This was up from €78.9m the previous year.
The company said the strong results were driven particularly by its renewable energy portfolio, which grew by 35% in the full year compared to 2022.
Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) including contributions from joint ventures was €139 million, up from €121 million the previous year.
"The financial performance achieved by Bord na Móna over the past 12 months places the company in a strong position to invest further in the expansion of our renewable energy and climate solutions portfolio," said Tom Donnellan, Chief Executive of Bord na Móna.
"Our year-on-year growth also establishes a solid financial platform for the company to deliver on our 10-year plan and support the state in achieving its renewable energy requirements by 2030 and longer-term objective of carbon neutrality by 2050," he added.
Following the strong performance, Bord na Móna declared a one-off enhanced dividend of €37.8 million - representing 37.5% of adjusted profit after tax.
"We are conscious of our responsibility to contribute to the Exchequer and are pleased to provide an enhanced dividend of €37.8 million for the upcoming financial year as a result of our performance over the past 12 months," Mr Donnellan said.
The company highlighted a number of milestones and firsts for the company in the past 12 months.
These included a €100 million investment in the expansion of its renewable energy portfolio, including wholly owned developments as well as joint venture projects.
It said wind energy milestones included the construction of Cloncreen and Oweninny Wind Farms, and commencement of work at Derrinlough Wind Farm, representing an overall investment of €250 million.
Bord na Móna also launched a joint venture with Ocean Winds to develop its first offshore wind farms around the coast of Ireland.
The joint venture aims to generate up to 2.3 gigawatts of renewable electricity to power up to 2.1 million homes.
