Inver Energy profits up 53% to €4.4m

A CORK-based importer and distributor of oil and coal last year increased its pre-tax profits by 53% to €4.4 million after increasing the size of its business by 30% to €94m, according to the directors’ report attached to the accounts filed by Inver Energy Ltd with the Companies Registration Office.

“The business performed to its expectations of the directors during 2009. The market conditions in 2009 were resilient and allowed Inver Energy to continue to develop its distillate business.”

The directors said the company continued to invest in Atlantic Fuel Supply, its 33% joint venture, which is constructing an 80,000m oil terminal in Foynes, Co Limerick.