Profits at Dublin Port Company increased by 2.6 per cent to €35.9 million last year despite Dublin City Council levying a €1.7 million vacant site cost on the company.
Dublin Port Company’s 2024 annual report shows profit growth failed to match the port’s 5 per cent rise in revenues to €106.26 million as operating costs outpaced the increase in revenues, rising by 7.6 per cent to €67.5 million.
The increase was driven in part by “a vacant site cost levied by Dublin City Council amounting to €1.7 million in respect of a site on the northern periphery of port lands that is earmarked for sale”.
Revenues were higher despite the closure of Boliden Tara Mines for most of 2024, which hit volumes passing through the port.
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In his report, Dublin Port chief executive, Barry O’Connell, said the increase in revenues “was largely driven by price increases and increased activity levels in towage and pilotage services offsetting reduced volumes”.
He said port throughput in 2024 finished at 35.2 million tonnes, down 0.4 million tonnes or 1.2 per cent on the previous year. Exports through the port fell by 4.7 per cent to 13.3 million tonnes while imports were 1 per cent higher at 21.9 million tonnes.
Mr O’Connell said the key drivers of the fall in volumes included the temporary closure of Boliden Tara Mines, which saw iron ore shipments cease and the cessation of the bottom ash exports by the Encyclis incinerator.
Tourist traffic also fell in 2024 with passengers and tourist vehicles down by 6 per cent and 7.7 per cent respectively.
He said: “Approximately 60 per cent of the decline was due to the closure of Holyhead in December" after two berths were damaged in Storm Darragh.
Mr O’Connell said Ebitda (Earnings before Exceptional Items, net finance cost, taxation, depreciation, amortisation and Impairment costs) “remained strong”, at €59.1 million. That represented a €2.4 million or 4.2 per cent increase on 2023.
The company recorded profits after tax of €30.04 million. It more than doubled its dividend payout last year from €2.25 million to €5.9 million.
Mr O’Connell’s remuneration of €263,000 was the same as the previous year, comprising salary of €210,000 and €53,000 in “other benefits including pension costs and taxable benefits”.
Numbers employed increased from 150 to 155 and staff costs rose from €16.48 million to €17.1 million.
