Dublin Port Company’s €8m dividend to State

The Dublin Port Company has paid the State a dividend of €8 million, based on its financial performance for last year.

While the company’s financial accounts, for 2013, are yet to be published — and need to be laid before the Oireachtas before being formally published in August — Transport and Tourism Minister, Leo Varadkar published the annual dividend figure, noting the payment is in line with Dublin Port Company’s commitment to make a dividend payment of 30% of its after-tax profit annually.

“The port continues to play a crucial role in the economy, at national and local level, and the continued strength of the company’s finances positions it well to deliver on its planned key infrastructural developments,” the minister said.

Last year, Dublin Port Company paid the Government a total dividend of €15m, though this included a once-off special dividend of €8m. The company has paid the State nearly €70m in dividends in the past eight years.

In 2012, Dublin Port Company generated pre-tax profits of €22.8m — up 15.5% on the previous year — eliminated its debt and boosted turnover by nearly 5% to €68.4m.

Earlier this year the company lodged a planning application for a €200m redevelopment of its Alexandra Basin site.

Dublin Port Company chairperson, Lucy McCaffrey said that the company’s current healthy financial position means it will be able to both continue meeting its dividend targets and deliver on its capital investment programme.