Shannon Foynes Port profits hit record high of €4.3m in 2017

Profits at Shannon Foynes Port hit a record €4.3 million last year, according to figures published by the company.

The State-owned company’s annual results show that turnover at Shannon Foynes rose 5.7 per cent last year to €14 million. Pretax profit grew by just under 5 per cent to €4.3 million in 2017 from €4.1 million the previous year.

Shannon Foynes Port said Tuesday that those were the highest profits that the company has earned in its history.

The quantity of cargo that the mid-western port handled rose 4 per cent to 11.3 million tons. This figure has grown 18 per cent in the past three years.

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The company invested €6.5 million last year, buying a new mobile crane and improving other facilities. Shannon Foynes plans to spend €22 million expanding the port by adding new berths for ships and developing a recently bought 38 hectares of land for port activity.

Planning permission

The company is seeking planning permission for these projects and has tapped the EU’s Ten-T transport development fund for some of the cash needed.

Shannon Foynes chief executive Pat Keating singled out the growth in the company's cargo business, which he explained was a key barometer for any port.

“This growth reflects the resurgence in the domestic and export economy where, for example, agricultural, petroleum and construction products were particularly strong,” he said.

Chairman David McGarry confirmed that the company paid a €250,000 dividend to the Government.