Pre-tax profits at the Dublin Port Company last year increased by 2.6% to €35.9m despite Dublin City Council levying a €1.7m vacant site cost on the company.
Dublin Port Company's 2024 annual report shows the company's profits increased as revenues rose by 5% from €101.4m to €106.26m.
However, total operating costs outpaced the increase in revenues rising by 7.6% to €67.5m.
The increase in operating costs was driven in part by "a vacant site cost levied by Dublin City Council amounting to €1.7m in respect of a site on the northern periphery of port lands that is earmarked for sale".
The annual report shows that revenues increased despite the closure of Boliden Tara Mines for most of 2024 which hit volumes at the port.
In his report, Dublin Port CEO Barry O’Connell states that the increase in revenues "was largely driven by price increases and increased activity levels in towage and pilotage services offsetting reduced volumes".
Mr O'Connell points out that port throughput in 2024 finished at 35.2 million tonnes representing a decrease of 0.4 million tonnes - or 1.2% - on the previous year.
Exports fell by 4.7% in the year to 13.3 million tonnes while imports increased by 1% to 21.9 million tonnes and the total throughput "was lower than budgeted throughput of 36.6 million tonnes".
Mr O'Connell states that the key drivers of this reduction in volumes were the cessation of iron ore shipments due to the temporary closure of Boliden Tara Mines, the cessation of the bottom ash exports by the Encyclis incinerator, a disruption to cement production and the level of exports of contaminated soil in 2023 not replicated in 2024.
Mr O'Connell stated that tourist traffic also fell in 2024 with passengers and tourist vehicles down 6% and 7.7% respectively.
"Approximately 60% of the decline was due to the closure of Holyhead in December which saw tourist passengers and vehicles down over 60%," he said,
Mr O'Connell stated that that EBITDA (earnings before exceptional items, net finance cost, taxation, depreciation, amortisation and Impairment costs) "remained strong" and amounted to €59.1m - a €2.4m or 4.2% increase on 2023.
The pre-tax profit also takes account of interest costs of €2.83m and a €850,000 property writedown.
The company recorded post tax profits of €30.04m after incurring a corporation charge of €5.88m.
The company more than doubled its dividend payout last year from €2.25m to €5.9m.
The remuneration for Barry O'Connell remained at €263,000, made up of salary of €210,000 and €53,000 in "other benefits including pension costs and taxable benefits".
The accounts show that three staff members earned over €200,000 with seven earning between €150,000 and €200,000 and a further 50 earning between €100,000 and €150,000.
Numbers employed increased from 150 to 155 and staff costs rose from €16.48m to €17.1m.
The directors state that Dublin Port Company has a budgeted Capital Investment Programme of €162.6m for 2025 and the planned Capital Investment Programme for 2025 includes €50m in respect of Masterplan Phase 2, €32m in respect of the Alexandra Basin Redevelopment project, €15.6m in respect of Port Centre upgrade works and €10.3m in respect of Terminal 4 North, Phase 2.
Reporting by Gordon Deegan
