#ports&shipping - A record-breaking 50% rise in profits has been announced by Foyle Ports and the news has led to the company's "strongest financial performance" in its 162-year history.
The Irish News reports that the Derry port reported its fifth year of consecutive growth at its Annual General Meeting, with record operating profit of £2.2million generated from a turnover of £8.6 million for the 2016/2017 period.
As documented previously the port re-invests all its profits to improve the business and upgrade facilities and last year capital investment totalled £3.6 million. This included state of the art tug boat to safeguard the future shipping operations in Lough Foyle. To date over £30million has been re-invested as part of the long-term capital expenditure programme.
For further reading on the financial performance of the north-west port, click here.