Bord na Móna paid its first dividend to the State in its 61-year history with the payment valued at just under €4 million, the company said today.
At the publication of its annual report for 2006/2007 the company said profits fell by almost €5 million to €29.2 million due to ongoing problems with two peat-fired power stations supplied by the company.
Corrosion of pipes at ESB power stations at Shannonbridge, Co Offaly and Lanesborough, Co Longford has caused the closure of both plants.
The annual report also said it has spent €143 million on acquisitions, including paying €79 million for Edenderry Power in December 2006. It operates a recently built 128 megawatt peat-fired electricity generating station.
Managing director John Hourican said the acquisitions were part of a new strategy which would see it move from fuel supply to a focus on "waste management, environmental solutions and power generation".
Bord na Móna owns 88.5 per cent of Renewable Energy Ireland, which operates a wind farm in Co. Mayo. It has also begun construction of a landfill site at Drehid, Co Kildare, in a €50 million investment with the first phase due to open later this year.
Mr McArdle said that the company has also bought Advanced Environmental Solutions (Ireland) for €62 million. To allow Bord na Móna to grow, its borrowing limit has risen from €127 million to €400 million.
In June last year the company raised $150 million through a private debt placement.