A CORK-based importer and distributor of oil and coal last year increased its pre-tax profits by 53% to €4.4 million after increasing the size of its business by 30% to €94m, according to the directors’ report attached to the accounts filed by Inver Energy Ltd with the Companies Registration Office.
“The business performed to its expectations of the directors during 2009. The market conditions in 2009 were resilient and allowed Inver Energy to continue to develop its distillate business.”
The directors said the company continued to invest in Atlantic Fuel Supply, its 33% joint venture, which is constructing an 80,000m oil terminal in Foynes, Co Limerick.
The terminal will be capable of storing and distributing all grades of oil products, including bio-fuels.
The directors confirm that during the year the company acquired the entire share capital of a company, Pressfield Ltd, which was engaged in the distribution of oil products in the Munster region. Inver Energy incurred €1.4m in acquisition costs on the purchase in its ‘09 accounts.
The company’s registered office is located at Blackpool Business Park in Cork and the accounts show that the company increased its turnover from €73m to €94m.
Cost of sales increased by 28% from €65.9m to €84.9m. Operating profits rose 55% from €3m to €4.6m.
Accumulated profits at the end of December 2008 were €11.3m. Total shareholder funds increased from €9.5m to €11.3m.
The accounts show that the director’s remuneration increased by 79%, from €222,871 to €399,375.
The directors are listed as Brian O’Connell, Chris O’Callaghan, Rory Brislane and Fintan O’Gorman.
According to the directors’ report “the company manages its business by matching sales and oil purchases by using oil swap contracts to fix the purchase price of each customer order and effectively lock in
The company’s accounts show that the company’s distribution and administration costs decreased from €3.4m to €3.1m.