Bord na Móna reports 'outstanding' €78.9m profit

Bord na Móna invested more than €250m in renewable energy infrastructure in the past financial year.
Bord na Móna reported one of its strongest financial performances in history this week, recording an operating profit of €78.9m.
The figure is nearly three times the amount that the semi-State reported last year (€27.7m), with total revenues rising by nearly 17% to a record €378.2m.
The company, which employs 1500 people and manages a land holding of over 80,000 hectares, has credited the strong report to its renewable energy investments.
Bord na Móna formally ended peat harvesting on its lands last year and invested more than €250m in renewable energy infrastructure to support the State's decarbonisation targets.
“These results are outstanding, showing strong growth and performance in every measure of financial health," said Chief Executive Tom Donnellan.
"The financial results are the result of the company’s investment in a sustainable business model based on delivering climate solutions across renewable energy, recycling, peatland rehabilitation and enabling sustainable businesses across Ireland."
Mr Donnellan added that the company has nearly 100 climate-focused roles currently open.
“Our new climate solutions focus means we expect our employee base to grow beyond what it was as a fossil fuel company within this decade," he said.
"We have shown that it is possible to successfully transform a business into one which is proactively contributing to climate solutions. We are confident that we have restored the company to a positive future through our leadership position in developing and delivering clean energy, carbon storage, and resource recovery solutions”.
Part of the surplus reported this week will be given to the exchequer with the remainder reinvested in the business.
Bord na Móna plans to invest over €1.6bn in renewable energy infrastructure over the next ten years, with a €270m investment in two large-scale projects - including one of the State's largest solar farms - announced in May.
The company is also undergoing the rehabilitation of 33,000 hectares of peatland.