Enterprise Ireland turns €152m profit
A parliamentary question by Labour’s Kevin Humphreys revealed that the agency responsible for supporting Irish businesses had turned a profit in eight of the last 12 years.
The first year of the millennium was the best year for EI, when it turned a profit of more than €90m.
From 2007 until 2010, EI was operating in a more challenging environment: 2007 and 2009 were the two worst years for the agency, when it made losses of €9.8m and €9.4m.
Mr Humphreys said the figures confirm the state agency is investing in the right companies and reaping the rewards.
“There are always risks associated with investing in new companies, but this confirms that Enterprise Ireland is making the right decisions, delivering profits to the State that can be reinvested in new startups, while growing jobs in Ireland at the same time”
Mr Humphreys said the return to profit last year is a sign that the economy is emerging from the economic doldrums.
“There were a few tough years from 2007 to 2010 but the return to profit on investments in 2011 is key sign of early recovery,” he said.
A spokesperson for EI said that the agency’s main objective is to make investments that create jobs and that any profits it generates are reinvested in job creation.
“Enterprise Ireland’s primary objective in making investments is to create and sustain jobs and support export growth.
“Any positive returns on investment are either reinvested or returned to the exchequer,” the spokesperson said.
