Business

Irish Ferries owner sees sales jump 80 per cent by 2021

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Ferry operator Irish Continental Group’s revenue rose 80 per cent in the first four months of 2022 compared to the same period last year as car and freight traffic rebounded from Brexit and the pandemic.

Yesterday, Dublin-listed owner of Irish Ferries, Irish Continental Group (ICG), announced that its consolidated group turnover to 30 April was €161.2 million, up 80.5 per cent on 2021 and a profit of 57.6 percent compared to 2019.

Revenue was driven by the ferry division and totaled 98.3 million euros, up 165 percent from 2021 and up 90.1 percent from 2019.

Revenues in the container and terminal division totaled 71.7 million euros, up 27.1 percent from 2021 and up 34.8 percent from 2019, mainly due to increased prices, ICG said.

“The group’s cost base has been impacted by higher global prices, particularly fuel prices and charter rates,” ICG said in a statement.

“In order to maintain a reasonable rate of return for future development, it was necessary to pass these increased costs on to customers.”

The number of cars transported has increased almost sevenfold compared to the beginning of 2021, and trailer freight has more than doubled.

However, the company’s container division saw its volume fall 5.1 percent earlier this year due to inclement weather.

In January 2021, the Delta Covid-19 variant pandemic restrictions were in full effect, coinciding with the entry into force of the EU-UK trade agreement.

Ferries carried 123,600 cars in the period ended May 7, up 682.3 percent from the same period in 2021, while roll-on-roll-off (RoRo) trailer freight rose 170.7 percent to 223,900 units.

Excluding the volume on the new Dover-Calais route, Irish Ferries carried 65,300 cars, up 313.3 per cent over 2021, and 100,800 RoRo freight units, up 21.9 per cent over 2021.

There has been strong growth since the company’s last trade update on March 5, with car shipments up 442.4 percent and RoRo freight (excluding Dover-Calais) up 17.2 percent compared to the same period in 2021 are.

Just last month, ICG added a new ferry, The Isle of Inisheer, to its Dover-Calais route, which launched in June 2021, six months after Brexit.

In March, the group acquired one container ship, the CT Pachuca, bringing its total number of container ships to eight.

In January, the company opened an inland depot to store and handle empty containers off-site as part of its plan to increase container handling capacity in Dublin.

https://www.independent.ie/business/irish/irish-ferries-owner-sees-80pc-jump-in-revenues-on-2021-41638069.html Irish Ferries owner sees sales jump 80 per cent by 2021

Fry Electronics Team

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