DUBLIN Port Company has reported a pre-tax profit of €35.9 million for 2024, marking a 2.6% increase from the previous year, according to its newly published annual report.
This growth came despite a range of operational setbacks, including a €1.7 million vacant site levy imposed by Dublin City Council and significant disruptions to cargo volumes.
Total revenues rose by 5% to €106.26 million, driven largely by price increases and more demand for towage and pilotage services.
However, operating costs increased at a faster pace, up 7.6% to €67.5 million, due in part to the vacant site charge related to land slated for future sale.
Chief Executive Barry O’Connell attributed the revenue growth to “increased activity levels” in specific services, which helped counterbalance a decline in port throughput.
Total cargo handled fell to 35.2 million tonnes, a 1.2% drop compared to 2023. Exports were down 4.7% to 13.3 million tonnes, while imports rose slightly by 1% to 21.9 million tonnes.
The overall throughput fell short of the company’s projected 36.6 million tonnes.
Some of the volume decline can be attributed to the temporary shutdown of Boliden Tara Mines and production issues in the cement industry.
Tourist traffic saw a noticeable dip, with passenger numbers falling 6% and tourist vehicle movements down 7.7%.
O’Connell noted that the December closure of the Holyhead route accounted for approximately 60% of this drop.
Despite these headwinds, Dublin Port Company’s EBITDA rose by 4.2% to €59.1 million.
Post-tax profits came in at €30.04 million, after a corporate tax charge of €5.88 million.
The firm more than doubled its dividend payout to €5.9 million, up from €2.25 million the previous year.
On the staffing front, headcount rose from 150 to 155 employees, with staff costs increasing from €16.48 million to €17.1 million.
Three staff members earned over €200,000, while 57 employees earned over €100,000.
Looking ahead, the company has outlined an ambitious €162.6 million capital investment programme for 2025.
These include €50 million for Phase 2 of its masterplan, €32 million for the Alexandra Basin Redevelopment and €15.6 million for upgrades to the Port Centre.
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