Profits soar at Ringaskiddy incinerator bidder

The Belgian company seeking planning permission for a new €173m incinerator at Ringaskiddy in Co Cork last year increased its pre-tax profits by 10% to €11m.

Indaver Ireland has a planning application before Bord Pleanála for a waste-to-energy facility to treat up to 240,000 tonnes per year of residual household, commercial, industrial non-hazardous and suitable hazardous waste.

A decision on the Ringaskiddy incinerator project is due later this month. If Indaver secures planning permission it hopes that the facility will provide 320 jobs during construction and 63 when operational.

An oral hearing was held into the plan last year where concerns were expressed by residents over the proposal.

Newly-filed accounts filed for Indaver’s Irish division show that its waste business here is already very profitable.

The pre-tax profits of €11.15m were up from €10.1m in 2015. However, revenues at the company last year declined by 2% to €79m.

Indaver started operations at its incinerator at Duleek, Co Meath in 2011. The company last year paid €8.5m in dividends, down from €34m in 2015.

Indaver employs 185 people in Ireland and staff costs last year increased from €9.4m to €9.6m.

Directors pay amounted to €561,173.

The company said it will continue to “advocate for and invest in Irish infrastructure to make the island self-sufficient in waste processing,” saying that such an outcome is “very necessary” as the country’s population grows and capacity constraints increase at domestic landfill sites.

As well as the €173m investment earmarked for Ringaskiddy, Indaver plans additional investment at its Co Meath facility.

The company’s after-tax profit for last year amounted to €9.7m after it paid corporation tax of €1.4m.

Last year’s profits take account of hefty non-cash depreciation and amortisation costs of nearly €11m.

Total shareholder funds stood at €149.9m, while accumulated profits amounted to €9.7m.