The Port of Cork Company’s pre-tax profit more than doubled last year to €11.03 million.
The sharp increase in profit before tax is mainly due to the Cork Port company posting a profit of £4.18m.
The annual report shows that profits are also up, as revenue jumped 18% from €33.74 million to €39.82 million.
The Port of Cork Company accounts are one of three new sets of accounts for port companies showing a rise in profits at Cork, Shannon Foynes and Waterford Ports as they recovered from the impact of Covid-19 in 2020 over the past year.
The Port of Cork Company’s accounts show that it paid out €391,861 in arbitration and arbitration payments related to contracts with third parties last year.
Throughput at the Port of Cork rose to 10.6 million tonnes from 10.5 million tonnes last year and the port company’s operating profits rose 27 per cent to 7.33 million euros.
The number of employees at Cork Port shows that the number of employees has risen from 155 to 164 and that personnel costs have risen from €12.33 million to €14.4 million. Personnel costs include overtime pay of €1.1 million.
Separate accounts show that last year the Shannon Foynes Port Company incurred legal expenses totaling €225,460 in relation to a High Court case involving a staff member.
According to Shannon Foynes Port’s 2021 annual report, the company’s performance rebounded last year as profit before tax rose 70 percent to €5.26 million.
This was followed by a sales recovery of 24 percent from €12.9 million in 2020 to €16 million last year.
Referring to the High Court case, a note accompanying the financial statements of the €225,460 spent on the High Court case states that “judgment is pending while the High Court hears it in 2021”.
CEO Pat Keating said the company was “pleased to report record earnings for the year.”
He said: “This strong performance was driven by several factors such as: B. the adjustment and recovery of the underlying sectors from the impact of Covid-19 earlier than expected, a rebounding economy and the supply and demand imbalance in the power generation sector.”
There were a total of 51 employees and the bill for short-term employee benefits of €3.54 million included performance-related awards of €209,128. Separate accounts for the Port of Waterford Company show that pre-tax profit rose 56 percent last year to €1.12 million.
This was followed by a 7% increase in revenue from €7.23m to €7.73m. The number of employees remained at 45.
https://www.independent.ie/business/irish/cork-port-profits-more-than-double-to-11m-41813543.html Cork Port profits have more than doubled to €11m