Whitegate's soaring profits hit by windfall energy tax charge

Irving Oil Whitegate Holdings Ltd recorded a post-tax profit of $116.95m after incurring a corporation tax bill of $92.78m, of which $67.07m concerns the EU energy windfall tax

Revenues at the Canadian-owned Irving Oil Whitegate Holdings Ltd increased by 61.5% from $2.1bn to $3.39bn as the surge in oil prices resulted in purchases increasing by 52% rising from $2.008bn to $3.049bn.

Soaring profits at the firm behind Ireland’s only oil refinery at Whitegate in County Cork were last year hit by the new EU energy windfall tax on oil and gas producers, which came to $67.07m (€61.43m).

That is according to new accounts for Irving Oil Whitegate Holdings Ltd where the company last year returned to profit as revenues surged by $1.3bn to $3.39bn (€3.1bn) on the back of soaring oil prices.