Port of Cork Reports 20% Increase in Pre-Tax Profits to €13.28m in 2022
The Port of Cork company has released its consolidated financial statements for 2022, revealing a 20% increase in pre-tax profits to €13.28m. This growth can be attributed to a 21.5% rise in revenues from €39.83m to €48.41m as the business recovered from the impact of the Covid-19 pandemic.
Operating profits at the company also saw a significant boost, increasing by 13% to €9.15m. Additionally, the company recorded a €4.93m profit from the disposal of a fixed asset. After deducting net finance costs of €808,258, the Port of Cork company achieved a pre-tax profit of €13.2m.
Directors of the company highlighted the successful completion of the port redevelopment project at Ringaskiddy, stating that container vessels were facilitated at the Cork Container Terminal (CCT) in April 2022. They emphasized that this redevelopment project would ensure the port’s ability to handle cargo from distant ports for the next five decades and beyond.
The financial statements also revealed an increase in expenditure on staff hospitality, rising from €83,281 to €104,531. Furthermore, €3,976 was spent on client hospitality. The CEO, Eoin McGettigan, received a slightly reduced pay package of €221,335, consisting of a salary of €175,000 and additional benefits, including the cost of a company car amounting to €46,335. The total amount paid to key management personnel increased from €1.2m to €1.36m.
The number of employees at the Port of Cork company grew from 154 to 170, resulting in an increase in staff costs from €14.46m to €17.25m. The financial statements revealed that one staff member received over €200,000, with five earning between €150,000 and €200,000, and an additional 12 receiving between €100,000 and €150,000. The reported profit for the year accounted for significant net non-cash depreciation costs of €6.95m, up from €3.82m in 2021. Operating and maintenance costs also increased from €18.03m to €21.29m, while dredging costs amounted to €586,793 for 2022.
The Port of Cork company’s local authority rates bill for 2022 rose by just over €90,000 to €791,474. In 2022, the company paid a dividend of €250,000. The firm’s balance sheet strengthened during the year, with shareholder funds rising from €104.84m to €117.7m, including accumulated profits of €94.9m. Cash funds also increased from €23.97m to €33.38m. Notably, the company incurred only €7,738 in conciliation and arbitration payments during the year, compared to €391,861 in 2021.
Consultancy costs for the Port of Cork company increased from €1.62m to €1.947m in 2022, with the majority falling under the “other” category at €1.37m. The company’s PR and marketing expenses also saw a significant rise, increasing from €1,779 in 2021 to €124,833 in 2022. Furthermore, the cost of legal advice more than doubled, reaching €189,387 from €77,465 in the previous year.
The Port of Cork company’s financial results for 2022 demonstrate its resilience and recovery from the challenges posed by the Covid-19 pandemic. With increased profits and successful redevelopment projects, the company is well-positioned for continued growth and success in the future.