Pre-tax profit at one of the country’s largest waste companies, Oxigen, rose 29 percent this year to €3.52 million.
Oxigen Environmental ULC’s new financial statements show that the company reported an increase in pre-tax profit as revenue in the 12 months ended April this year rose 14 percent from €33.05 million to €37.72 million .
The directors indicate that they are satisfied with the company’s performance.
They state that the year also saw the start of significant increases in certain operating costs, such as B. Diesel has seen.
Directors state that the goal is to “minimize the impact of these cost increases on customers while maintaining a return on investment to enable further investment in operations and material recoverability.”
Speaking of the Company’s future developments, Directors state that they plan to “continue to invest in the Company’s facilities and operations to further improve efficiency, material utilization and capacity.”
Founded in 1987 by Sean Doyle, the company reported an operating profit for the year of €3.76 million and paid interest of €238,224.
The company reported an after-tax profit of €3 million after paying €528,247 in corporate income tax.
The company’s main activity remains the provision of integrated residential and commercial waste management solutions, including waste collection and disposal, as well as the processing of recycled products.
A note accompanying the financial statements states that the company has not participated in any government support scheme, Temporary Wage Support Scheme (TWSS), Employment Wage Support Scheme (EWSS) during the course of the pandemic.
Personnel costs rose from €9.6 million to €10.63 million last year as the number of employees increased from 254 to 267.
Non-cash depreciation costs of €1.8 million are included in the net income.
At the end of April 3rd, the company had shareholder funds of 41.8 million euros, including accumulated profits of 39 million euros.
The company’s cash and cash equivalents fell from €6.6 million to €4.83 million.
The amount owed to Mr. Doyle decreased to €407,477.
https://www.independent.ie/business/irish/profits-up-at-oxigen-ahead-of-inflation-surge-42120071.html Oxigen’s profits are up ahead of the inflation spike