Pretax profits at one of the country’s largest waste contractors, Oxigen, increased by 29 per cent to €3.52 million. New accounts for Oxigen Environmental ULC show that the business recorded the increase in pretax profits as revenues rose by 14 per cent from €33.05 million to €37.72 million in the 12 months to the end of April 3rd this year.
The directors state that they are pleased with the performance of the company even amid the start of substantial increases in certain operating costs, including diesel.
The directors state that the aim is “to minimise the impact upon customers of these cost surges while maintaining a yield to enable further investment in the operation and recoverability of materials”.
On the business’s future developments, the directors plan “to invest further in the company’s facilities and operations to further improve efficiency, material recoverability and capacity”.
Established in 1987 by Sean Doyle, the business this year recorded an operating profit of €3.76 million.
A note attached to the accounts states that the company did not participate in any Government support scheme – the Temporary Wage Support Scheme (TWSS) and the Employment Wage Support Scheme (EWSS) – during the pandemic.
Staff costs increased from €9.6 million to €10.63 million as numbers employed rose from 254 to 267.
The amount the business owed to Mr Doyle reduced from €4.5 million in April 2021 to €407,477 at the end of April 3rd this year.
