Profit jumps by 20% at Cork port

Pretax profits at the Port of Cork Company jumped by a fifth last year to €13.28 million as it opened a new container terminal.

Profits were further boosted by a €4.93 million profit arising from the disposal of a fixed asset, according to consolidated financial statements which show that revenues rose by 21.5 per cent to €48.41 million as the business recovered in 2022 from the Covid-19 business impact. Operating profits at the company increased by 13 per cent last year to €9.15 million.

On the company’s port €89 million redevelopment at Ringaskiddy, the directors state that container vessels were facilitated at Cork Container Terminal (CCT) in April 2022.

“The delivery of this redevelopment project will ensure that for the next five decades and more, ships will arrive from distant ports to collect and discharge their cargos at this amazing facility.”

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The accounts disclose that the amount spent on staff hospitality last year increased from €83,281 to €104,531 while €3,976 was spent on client hospitality.

The pay package for chief executive Eoin McGettigan fell slightly to €221,335, comprising salary of €175,000 and other benefits including cost of company car totalling €46,335.

The amount paid out to key management personnel last year increased from €1.2 million to €1.36 million. Numbers employed by the Port of Cork company increased from 154 to 170 as staff costs rose from €14.46 million to €17.25 million.

The accounts show that one staff member received in excess of €200,000, with five earning between €150,000 and €200,000, and a further 12 receiving between €100,000 and €150,000.

The profit last year took account of hefty net non-cash depreciation costs of €6.95 million – up from €3.82 million in 2021. Operating and maintenance costs rose from €18.03 million to €21.29 million while dredging costs totalled €586,793 for 2022.