Bord na Móna reports trebling of operating profit as revenues rise 17%

Bord na Móna recorded an operating profit of €78.9 million in the year to the end of March, almost three times the profit its secured in the previous 12 months. The semi-state reported one of the strongest financial performances in its near 90-year history as revenues rose almost 17 per cent to €378.2 million.

Earnings before tax, interest, depreciation and amortisation arrived at €120 million, about twice the €61 million in the previous period, as the company highlighted its strategy of investing in renewable energy.

Part of the surplus recorded by Bord na Móna is given to the exchequer, with the remainder reinvested in the business and used to support future growth. In the past financial year more than €250 million was invested in renewable energy infrastructure to support the delivery of the State’s decarbonisation targets for 2030 and beyond.

“These results are outstanding, showing strong growth and performance in every measure of financial health,” said chief executive Tom Donnellan. “The financial results are the result of the company’s investment in a sustainable business model based on delivering climate solutions across renewable energy, recycling, peatland rehabilitation and enabling sustainable businesses across Ireland”.

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Mr Donnellan said Bord na Móna was “filling new climate-focused roles all the time”, with 100 new such roles opened on Wednesday. “Our new climate solutions focus means we expect our employee base to grow beyond what it was as a fossil fuel company within this decade.”

During the financial year its renewable energy business won 30 per cent of the available capacity in the country’s first renewable energy auction (RESS1). Construction commenced on two of Ireland’s largest wind farms generating sufficient electricity to power 120,000 homes.

Meanwhile, 8,000 hectares of peatlands were also rehabilitated under Bord na Móna’s peatland rehabilitation scheme. It said this had enabled multiple climate benefits including large-scale carbon storage and biodiversity gains such as the return of the common crane to Ireland after 300 years.

The company has an ambition to double its renewable generation capacity through the delivery of large-scale renewable projects by 2030. In May 2022 it secured capacity contracts for two further large-scale renewable projects including one of the largest solar farms in the State representing a further investment of €270 million.

The projects form part of Bord na Móna’s 10-year plan, known as its “brown to green strategy”, to invest in excess of €1.6 billion in renewable energy infrastructure and generating assets.

“These results are even more remarkable given that our transformation began in 2019, when we were facing a very dim future as the world correctly moved away from fossil fuels,” Mr Donnellan said. “We are confident that we have restored the company to a positive future through our leadership position in developing and delivering clean energy, carbon storage and resource recovery solutions”.