THE PORT of Belfast handled a record £21 billion (€26.4 billion) of trade last year, which helped drive pretax profits to an all-time high of £22.1 million according to latest financial results.
The port, the second-largest on the island and one of the busiest ferry ports, is one of four main commercial trust ports in Northern Ireland. The other three are Coleraine, Derry and Warrenpoint.
Belfast Port’s annual accounts for 2007 show turnover grew by 8 per cent to £31 million while net assets increased to £235 million.
The North’s trust ports are independent of government and are run by a management team and a board of harbour commissioners.
Last year, the port handled a record 17.5 million tonnes of cargo and saw passenger numbers grow by 51,000 to 1,274,000.
Len O’Hagan, chairman of the port, said it had benefited from strong growth in the North’s economy last year. “The port of Belfast has often been liked to a microcosm of Northern Ireland’s economy. This was certainly true in 2007 which, with the restoration of the Northern Ireland Assembly, was marked by a renewed confidence in the potential of the economy and increased activity throughout Belfast Harbour commissioners’ operations.”
Mr O’Hagan said growth in the wider economy had driven imports and exports from the North, boosting the port’s container and animal feeds business.
He also pointed to significant growth in its specialist trade sectors such as paper newsprint and steel imports as one of the key factors behind the increase in its overall cargo business.
There has been some debate in Northern Ireland about the future of the port. Mr O’Hagan is confident this is now over and the Northern Ireland Executive has agreed “in principle” to give trust ports the “capability to develop their full potential”.
As well as operating the port, Belfast Harbour Commissioners control 1,950 acres of land in key areas adjacent to Belfast. Of this, 970 acres are used for non-port activities. This includes several significant property assets including Clarendon, an office and apartment regeneration scheme, the Titanic Quarter, Sydenham Business Park and the Holywood Exchange retail development (now home to Ikea).
Belfast Harbour Commissioners say profits from property operations are central to delivering an ambitious £630 million investment scheme, Project 2025, which aims to double capacity at the port.
Last year, Belfast Port’s capital expenditure totalled £32 million and £42 million was earmarked for infrastructure projects. Although last year’s results show Belfast Port enjoyed five years of strong growth, the commissioners have warned trade was beginning to slow towards the end of 2007.
