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Costs not behind Dublin Port Company’s 2021 profit drop

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Higher costs than Brexit or Covid were responsible for a large drop in Dublin Port Company profits last year.

According to the company’s annual report, profit after tax fell by 24.5% or €9.73 million to €29.95 million. At the same time, costs rose by 16.8 percent or 7.2 million euros.

Personnel costs increased by 5% to €13.6 million, while ancillary costs increased by €6.6 million to €36.8 million – mainly due to higher depreciation costs of €2.9 million and higher tax charges in Amount of €3.7 million after expiry of a tax exemption for 2020.

Despite the twin challenges of Brexit and Covid-19, revenue fell just 1 per cent from €86.59m to €85.76m.

Brexit saw freight volumes on UK routes fall by a fifth in 2021, although direct routes to Europe increased by around 50 per cent.

Throughput fell by 5.2 percent to 34.9 million tons compared to 2020, according to the annual report. Exports fell 9.4 percent to 13.7 million tons, while imports fell 2.3 percent to 21.2 million tons.

The port company’s earnings before interest, taxes, depreciation and amortization (EBITDA) were 48.8 million euros, compared to 53.9 million euros in 2020.

Dublin Port Company chairman Jerry Grant said the “robust performance in terms of throughput was complemented by strong financial performance”.

“As expected, 2021 has been a very challenging year for Dublin Port Company,” said Grant.

CEO Eamonn O’Reilly said Dublin Port
expects “strong growth – in volumes and EBITDA – with continued capital investments in port infrastructure”.

Capital investments amounted to €59.1 million in 2020 and €71.6 million in 2021, with planned investments for 2022 amounting to €83.3 million.

Mr O’Reilly – who will step down in August after 12 years as CEO – said the port expects “volumes to pick up again in 2022, exceeding record levels set in 2019, possibly as early as 2023”.

He said border patrols by state agencies are working very efficiently, in that the company is seeking to return at least half of the 14.6 hectares of port land that has been ceded to facilitate border inspection operations.

“This is a critical challenge if we are to mitigate the capacity constraints that are already emerging,” he said.

Last year, Dublin Port recorded 845,236 ferry passengers compared to 1.9 million in 2019. In 2021 there were no cruise calls at Dublin Port. There was one in 2020 and 158 in 2019.

Mr. O’Reilly’s salary package remained unchanged over the past year at €259,000 – €185,000 salary, fees of €13,000 plus pension and taxable benefits of €61,000.

The number of people earning over €100,000 at Dublin Port last year rose from 42 to 56 – four people earned between €175,000 and €200,000, four earned between €150,000 and €175,000, 18 earned between €125,000 and €150,000 and 30 earned between €100,000 and €125,000.

The number of employees at Dublin Port Company rose from 154 to 156 last year and personnel costs increased from €16.14 million to €17.5 million. The salaries of executives in key positions totaled 2.15 million euros last year.

Dublin Port’s shareholder funds totaled €535 million at the end of last year, including accumulated profits of €520.4 million.

The port company’s cash and cash equivalents fell from €160.13 million to €123.9 million last year. No dividend was paid.

https://www.independent.ie/business/irish/costs-not-covid-behind-dublin-port-companys-2021-fall-in-profits-41810546.html Costs not behind Dublin Port Company’s 2021 profit drop

Fry Electronics Team

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