Company behind €173m Ringaskiddy incinerator make 12% increase on pre-tax profits

Pre-tax profits at the Irish arm of the Belgian company that has secured planning for a new €173m incinerator at Ringaskiddy last year increased by 12% to €12.8m.

In May of last year, Indaver Ireland Ltd secured planning permission for the Cork waste to energy facility to treat up to 240,000 tonnes per annum of waste.

New accounts filed by Indaver Ireland Ltd show that its waste business here is already very profitable.

The pre-tax profits of €12.8m follow pre-tax profits of €11.77m in 2017.

The firm recorded the increase in profits as revenues increased marginally from €77.27m to €77.84m last year.

Construction of the company’s incinerator at Duleek in Co Meath commenced in 2008 and Indaver commenced operations of its incinerator in September 2011.

Indaver has stated that the Cork facility will provide 320 jobs during construction and 63 when operational.

The firm employs 172 in Ireland and staff costs last year increased from €10.1m to €10.42m. Directors were last year paid €632,224.

The directors state that the local community fund associated with the waste to energy facility in Carranstown, Co Meath continues to grow in line with the performance of the facility and the payment last year totalled €288,451.

The profit last year takes account of hefty non-cash depreciation costs of €8.3m.

Total shareholder funds at Indaver Ireland stood at €171m that included accumulated profits of €31.39m.

The firm last year recorded post-tax profits of €11.1m after paying corporation tax of €1.6m.