Profits increase to €13.28m at Port of Cork company

The firm's directors state that container vessels were facilitated at Cork Container Terminal (CCT) in April 2022

Tue, 04 Jul, 2023 - 16:13

Gordon Deegan

Pre-tax profits at the Port of Cork company last year increased by 20% to €13.28m.

The 2022 consolidated financial statements for the Port of Cork company show that the firm recorded the increase in profits after revenues rose by 21.5% from €39.83m to €48.41m as the business recovered in 2022 from the impact of the covid pandemic.

Operating profits at the company increased by 13% last year to €9.15m. Profits were further boosted by a €4.93m profit arising from the disposal of a fixed asset. Offset by €808,258 in net finance costs, the Port company recorded a pre-tax profit of €13.2m.

On the company's port redevelopment at Ringaskiddy, the directors state that container vessels were facilitated at Cork Container Terminal (CCT) in April 2022.

The directors said: “The delivery of this redevelopment project will ensure that for the next five decades and more, ships will arrive from distant ports to collect and discharge their cargo at this amazing facility.”

The accounts disclose that the amount spent on staff hospitality last year increased from €83,281 to €104,531 while €3,976 was spent on client hospitality.

The pay package for CEO, Eoin McGettigan declined marginally to €221,335 made up of a salary of €175,000 and other benefits, including cost of company car, totalling €46,335. The amount paid out to key management personnel last year increased from €1.2m to €1.36m.

Numbers employed by the Port of Cork company increased from 154 to 170 while staff costs rose from €14.46m to €17.25m. The accounts show that one staff member received in excess of €200,000 with five earning between €150,000 and €200,000 and a further 12 receiving between €100,000 and €150,000.

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The profit last year took account of hefty net non-cash depreciation costs of €6.95m—up from €3.82m in 2021. Operating and maintenance costs rose from €18.03m to €21.29m while dredging costs totalled €586,793 for 2022.

The port company’s local authority rates bill for 2022 increased by just over €90,000 to €791,474. The firm paid out of a dividend of €250,000 in 2022. The firm’s balance sheet strengthened during the year with shareholder funds rising from €104.84m to €117.7m which included accumulated profits of €94.9m.

Cash funds increased from €23.97m to €33.38m. The port company incurred only €7,738 in conciliation and arbitration payments during the year compared to €391,861 in 2021.

Consultancy costs last year increased from €1.62m to €1.947m and the bulk of the costs came under ‘other’ at €1.37m. The port company’s PR and marketing bill increased from €1,779 in 2021 to €124,833 last year. The cost of legal advice more than doubled from €77,465 to €189,387.