Post tax profits at the firm which operates Ireland's only oil refinery at Whitegate in County Cork increased by 10% to $128.4m (€124.5m) in 2023.
That is according to accounts for Irving Oil Whitegate Holdings Ltd where revenues decreased by 3.5% from $3.397bn to $3.275bn.
In 2023, the group recorded a 27% drop in pre-tax profits to $153m.
However, the group recorded the increase in post tax profits as its corporation tax charge was almost a quarter of its 2022 corporation tax charge of $92.78m.
In 2023, the group's corporation tax bill was $24.77m in 2023.
The largest component of the corporation tax charge at $76m concerns the EU energy windfall tax, the Temporary Solidarity Contribution that was introduced as an emergency intervention by the EU in October 2022 to address high energy prices as a result of the war in Ukraine with consumers being hit by much higher bills for gas and electricity.
However, the group reduced its overall tax bill in 2023 by $43.95m due to adjustments in respect of prior years.
The group’s cost of sales declined from $3.17bn to $3.09bn that included employee costs rising from $30.88m to $36.4m.
Numbers employed increased from 228 to 235 in 2023.
The group recorded a gross income of $176.72m in 2023 which was a 21% reduction on the gross income of $223.34m for 2022.
Non-cash depreciation and amortisation costs of $19m and a foreign exchange loss of $12.99m further reduced the group’s profits.
Whitegate, which opened in 1959, can process up to 75,000 barrels of oil a day and plays a critical role in the country’s energy infrastructure, supplying 40% of the petroleum needs of the country.
Irving Oil also operates the separate Tedcastle group of companies it acquired in 2019.
The directors state that "refining margins in Europe remained strong through 2023 but did see a decline in the latter half of the year. Margins were supported by European refining capacity that was short distillate production, exacerbated by pandemic-era shutdowns.
They state: "Margins were below the highs of 2022 as supply trade flows into Europe continued to adapt to the import ban on Russian oil. Gasoline demand decline has stabilized as gasoline electric hybrids replace smaller diesel passenger cars."
The directors believe that the group and the company are in a good position to take advantage of any good opportunities which may arise in the future.
Key management personnel received $2.62m while directors shared $733,000 made up of pay of $517,000 in pay, long term incentive scheme payments of $146,000 and pension contributions of $70,000.
A breakdown of revenues show that Ireland revenues accounted for $2.04bn while sales to 'Other’ remained static at $1.22bn.
At the end of 2023, the firm’s accumulated profits totalled $261.1m while shareholder funds totalled $296m.
Reporting by Gordon Deegan
