Pre-tax profits at the company that operates the Poolbeg incinerator in Dublin last year declined by 15% to €37.2m as profits were hit by lower electricity prices in 2024.
New accounts show that Dublin Waste To Energy Ltd sustained the drop in pre-tax profits as revenues decreased by 8% from €125.48m to €115.44m.
The facility - which accepts municipal non-hazardous waste generated in the Dublin waste management region - has a licensed capacity to receive up to 690,000 tonnes of waste per annum.
The incinerator uses energy created in the process of burning waste to feed power into the electricity grid and generates enough electricity for up to 110,000 homes.
The directors state that the company has further plans to develop district heating for up to a further 50,000 homes.
They state that the company "traded strongly during the year, operating at the capacity permitted for waste incineration with the exception of major maintenance requirements".
"Turnover and resulting profits are consistent with the company's internal forecasts, with the decrease against results from 2023 primarily reflecting movements in electricity market pricing over 2024," they state.
The strong profits enjoyed by the firm last year coincided with the company paying out a dividend of €24.12m - which was down on the dividends of €28.24m paid out in 2023.
Dublin Waste to Energy Ltd operates a Public Private Partnership (PPP) between Dublin City Council acting on behalf of the four Dublin local authorities and Encyclis in operating the thermal treatment plant.
The facility commenced accepting waste in April 2017 after years of controversy concerning locals' concerns over the operation of such a facility.
Dublin Waste to Energy Ltd is a subsidiary of Encyclis after it rebranded from Covanta Europe.
The Dublin unit last year recorded operating profits of €46.34m and profits were reduced by interest payments of €11.7m offset by on interest rate swap gains of €2.62m.
The company last year recorded a post tax profit of €31.83m after incurring a corporation tax charge of €5.37m.
The profit takes account of non-cash depreciation costs of €20.63m. Other external charges totalled €47.76m.
In 2024, the plant received 566,762 tonnes of waste compared to 602,533 tonnes in 2023 - a decrease of 6%.
The energy exported from the plant decreased by 4% from 465,503MWh in 2023 to 448,470MWh last year.
The firm had a contractual commitment for rent of €18.5m to Dublin City Council at December 31, 2024.
At the end of December last, the firm had shareholder funds of €159.58m that included accumulated profits of €27.98m. Its cash funds decreased from €44.64m to €35.15m.
Reporting by Gordon Deegan
