Port of Cork reports profits of €7.8m

In terms of turnover, the Port of Cork is Ireland's second-largest port and handles all cargo types

The Port of Cork Company recorded a strong financial performance in 2021, with profits rising to €7.8m, it announced today in its annual report for 2021.

The report shows the port's recovery from challenges that arose due to the pandemic and Brexit.

Figures revealed that the company turnover increased to €39.8m, up 18% from €33.7m in 2020. 

Improvements in turnover and profit were attributed to a growth in port traffic as well as an increased focus on efficiency.

In terms of turnover, the Port of Cork is Ireland's second-largest port and handles all cargo types such as lift-on lift-off, bulk liquid, bulk solid, break bulk, roll-on roll-off and cruise. 

The Ports of Cork and Bantry reported a total consolidated traffic throughput of 10.6m tonnes in 2021. This was in line with figures from the previous year.

Employment figures for the company rose from 155 to 164 with employee costs increasing to €14.4m.

Due to the Covid-19 pandemic and travel restrictions, the company was forced to cope with the continued collapse of the cruise liner trade and the decline in tourism. 

However, in April 2022 following just over two years of closure, the cruise sector successfully recommenced and the port has seen a strong uplift in the tourism trade.

In 2021, the €89 million Cork Container Terminal (CCT) in Ringaskiddy was completed. This investment is the biggest single investment in marine infrastructure in the port’s history.

It began container operations in April of 2022.

Conor Mowlds, Chief Commercial Officer, Port of Cork said: “This was a significant year for the Port, not only in terms of recovery from the impact of the pandemic but because of the many strides taken towards our voyage into the future.

"The completion of CCT represented the first phase of the PoCC’s Strategic Development Plan and capital investment program which will see new cargo handling equipment, an extension of the deep-water berth, and a further extension of CCT over the coming years. 

"Following a strong financial year, we are now in a better position to progress these vital additions to our infrastructure. We look forward very much to the completion of the M28, which, when combined with CCT, will future-proof the Port of Cork to the benefit of the Irish, regional, and local economies," he added.