Pre-tax profits at waste processing and power generation firm Indaver Ireland last year reduced by 12% to €23.28m.
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.
The firm is also continuing with its plans to establish an incinerator for Ringaskiddy in Co Cork and lodged a raft of new information on the proposal with An Coimisiún Pleanála (ACP) at the end of August.
New accounts filed by Indaver Ireland Ltd show that the company recorded the drop in profits as revenues rose by 22% from €140.98m to €171.44m.
The company last year paid out a dividend of €22.5m after paying out a dividend of €28m in 2023.
The directors state that the profit from operating activities decreased to €22.5m mainly due to a changed engagement mix, particularly in respect of a large site remediation customer project operating at lower margins in 2024.
They state that the increased revenue was primarily driven by the volume of waste treatment and power generation compared to the prior year.
The directors state that electricity prices which are determined by market influences including gas prices, electricity demand and availability of supply from generators were fairly in line year on year.
The directors state that the board advocates and invests in Irish infrastructure to make the island self-sufficient in waste processing.
They also state that this is very necessary as the island's population grows and capacity constraints increase at domestic landfills and European outlets.
The new accounts show that the firm's revenues from "sale of services" increased by 27% from €120.46m to €153.4m and this was offset by revenues from the "sale of electricity" decreasing €20.5m to €18m.
The firm recorded post tax profits of €19.7m after incurring a corporation tax charge of €3.57m.
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 a year.
However, that permission has been subject to High Court challenge by a local environmental group and the Supreme Court in September 2022 upheld a High Court ruling that the application can be remitted back to An Bord Pleanála for fresh consideration and it remains before the appeals board.
On August 29, Indaver submitted a response to a request for further information from An Coimisiún Pleanála that was issued in June 2024 following a decision by the High Court to remit the planning application for determination.
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 €14.5m.
Numbers employed increased from 232 to 248 as staff costs rose from €16.9m to €19.08m.
Directors' pay last year increased from €422,370 to €496,436.
At the end of December last, the firm had shareholder funds of €107.8m that included accumulated profits of €20.64m.
Reporting by Gordon Deegan
