The Dublin Port Company last year paid out €415,000 in bonuses that had not been paid to former long-serving chief executive Eamonn O’Reilly as part of a High Court settlement.
The payout to Mr O’Reilly — along with additional legal costs of €176,000 — was disclosed in its 2023 annual report, which showed that pretax profits at the company reduced by 28 per cent to €35 million. Revenue remained flat at €101.4 million.
Mr O’Reilly issued High Court proceedings in February 2023 against Dublin Port Company after a High Court ruling in September 2022 that Shannon Foynes Port Company chief executive Pat Keating was to be paid €373,339 in unpaid bonuses and interest from 2010 to 2017.
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In response to the court action taken by Mr Keating against his employer, Shannon Foynes Port Company, Mr Justice Mark Sanfrey ruled that a failure by the company’s directors to use their discretion to pay the bonus constituted “a breach by the company of the contract which has caused damage and loss to Mr Keating”.
The ruling left the way open for Mr O’Reilly to lodge his action against Dublin Port Company.
A note attached to the Dublin Port Company 2023 accounts said that “based on a High Court settlement agreement reached in 2023, the company was obliged to make certain performance-related payments in the amount of €415,000 to a past chief executive for services provided during his term in office from 2010 to 2022″.
The note said that the settlement was inclusive of the employer’s PRSI.
Legal costs of €176,000 were also noted, bringing the overall cost of the former chief executive’s court action to €626,000.
Court records showed that a “notice of discontinuance” was issued in the case last July. Limerick law firm Dundon Callanan Solicitors represented Mr O’Reilly and Mr Keating in their respective cases.
The annual report separately discloses that €367,000 was paid to two staff in severance payments last year.
The annual report also said that the company’s hospitality bill last year rose from €142,000 to €144,000 comprising €86,000 on staff and €58,000 on client hospitality.
Company chairman Jerry Grant said that Ebitda (earnings before interest, tax, depreciation and amortisation) totalled €56.7 million which was a €2.6 million reduction on 2022.
The number employed remained at 150 as staff costs increased to €16.5 million.
At the end of December last, accumulated profits totalled €586.98 million. Cash funds amounted to €199.5 million.
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