Pre-tax profits at waste processing and power generation firm Indaver last year surged by 55% to €32.87m on the back of an increase in electricity prices.
The Belgian owned Indaver Ireland operates an incinerator at Duleek, Co Meath that produces enough electricity each year to power the equivalent of Drogheda and Navan combined.
New accounts show that Indaver Ireland Ltd recorded the sharp increase in pre-tax profits after revenues jumped by 24% or €23.4m from €98.22m to €121.64m.
The company last year paid out a dividend of €18.5m after paying out a dividend of €19m in 2021.
In the new 2022 accounts, the directors state that profits increased "due mainly to electricity prices which are determined by market influence including gas prices, electricity demand and availability of supply of generators".
The pre-tax profits of €32.87 million follow pre-tax profits of €21.13m for 2021 when the company also benefited from the rise in electricity prices.
The new accounts show that the firm's revenues from "sale of goods" increased by €10m or 12.6% from €78.8m to €88.8m while its revenues from the "sale of electricity" increased by €13m or 69% from €19.3m to €32.7m.
The firm recorded post tax profits of €28.65m after paying out corporation tax of €4.22m.
Last year, An Bord Pleanála cleared the way for the Indaver facility at Duleek to increase the amount of waste it receives to 280,000 tonnes of waste a year - up from 235,000 tonnes of waste a year.
Indaver did secure planning permission for a new €160m incinerator for Ringaskiddy in Co Cork in 2018 that has the capacity to treat up to 240,000 tonnes of waste per annum.
However, that permission has been subject to High Court challenge by a local environmental group.
The Supreme Court in September of last year upheld a High Court ruling that the application can be remitted back to An Bord Pleanala for fresh consideration.
The Ringaskiddy facility is to generate energy which can be converted to electricity to power up to 30,000 homes or used in a district heating system to provide low carbon heat.
The profit last year takes account of non-cash depreciation, amortisation and impairment costs of €10.1m.
Numbers employed at the company increased from 198 to 207 as staff costs rose from €12.26m to €13.68m. Directors' pay last year increased from €356,573 to €442,279.
The directors state that they advocate and invest in Irish infrastructure to make the island self-sufficient in waste processing.
They state that "this is very necessary as the island's population grows and capacity constraints increase at domestic landfills and European outlets".
At the end of December last, the firm had shareholder funds of €116m that included accumulated profits of €29.1m. The firm's cash funds increased from €302,534 to €2.85m.
Reporting by Gordon Deegan
