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Dublin Port Company to Pay €8.8m Dividend to the State

23rd June 2015
Dublin Port Company to Pay €8.8m Dividend to the State

#dublinport – Dublin Port Company today announced that it will pay a dividend of €8.8 million to the State for the 2014 financial year. The payment represents 30% of the port's distributable profits for 2014. Since 2007 Dublin Port Company has paid the Government a total of €78.6 million in dividends.

The dividend payment follows a successful year in 2014 for Dublin Port where cargo volumes increased 7.0% year-on-year. Total throughput for the year was 31 million gross tonnes with 7,108 ship arrivals, bringing the port's activity back to the record levels of 2007. Figures for the first trading quarter of 2015 have shown continued growth in import and export trade with cargo volumes up 5.3% on the same period last year. This is the strongest first quarter Dublin Port has had in a decade and surpasses the previous record year of 2007 by 3.0%.

Welcoming the announcement, Minister for Transport, Tourism and Sport Paschal Donohoe T.D. said: "Dublin Port Company made a commitment to make a dividend payment of 30% of its distributable profits to the Exchequer. I am delighted that the port has once again achieved its agreed target. I would like to thank the Board, management and employees of this strategically important State asset for their continued work and contribution. I greatly welcome the manner in which Dublin Port continues to fulfil its mandate of operating an efficient, well-resourced port to facilitate Ireland's trading needs."

Lucy McCaffrey, Chairperson, Dublin Port Company said: "2014 was a very strong year for Dublin Port and I am delighted that we are in a position to pay a healthy dividend to our shareholders. Dublin Port is profitable, committed to sustainable investment and in an excellent position to fund major infrastructural development. We recently financed a €35million redevelopment of the Alexandra Quay Container Terminal and opened a €3.4m trade car terminal at East Wall Road. We are now ready to finance our proposed €230m Alexandra Basin Redevelopment Project, the single largest infrastructural investment project in the history of the port, which we hope to commence later this year."

Published in Dublin Port Team

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