Displaying items by tag: annual results
Annual figures at Belfast Harbour show robust financial results for 2022, with a yearly turnover and profits in line with expectations, despite a challenging global trading environment.
In what was a milestone year, marking the 175th anniversary of the formation of Belfast Harbour Commissioners, Belfast Harbour reported turnover of £77.2m for 2022. This is up 5% on its figures for 2021, and underlying pre-tax profits of £34.3m, up 1% on the previous year.
As a Trust Port, Belfast Harbour strategically reinvests its profits to develop and maintain the Port and wider Harbour Estate, including investing in major infrastructure projects. The figures reported have supported the continued delivery of an ambitious five year, £254m investment programme, which has enabled Belfast Harbour to add significant economic and social value to the region.
Continuing Belfast Harbour’s long history of delivering transformative projects, 2022 saw £23.4m invested in port facilities and infrastructure projects. This included the completion of the Victoria Terminal 2 passenger facility.
Belfast Harbour noted its resilient and diverse trading portfolio as a core asset in delivering its strong financial performance, as well as recognising the important contribution of its key customers and estate partners.
Despite the climate of global uncertainty and external challenges sparked by the war in Ukraine, port trade dropped only slightly on the record levels recorded in 2021. Total tonnage through Belfast Harbour was reported at 24.5m tonnes, representing the second highest levels in its history, and a slight easing back of 4.3% from the record levels of 2021.
Roll-On Roll-Off freight on Stena Line performed strongly, recording 600,000 freight units during the year, and matching the record performance delivered in 2021.
The volume of ferry passengers travelling through the Port increased by 22% year on year to almost 1.8 million people, with routes benefitting from the full easing of Covid-19 travel restrictions. The number of passenger cars reached a record high of 462,000, increasing by 12% from the year before, reflecting a continued interest in staycations and local holidays.
Cruise ships continued to provide a welcome boost to the local economy, with Belfast Harbour welcoming a record 141 cruise ship calls during 2022, as cruise travel fully resumed, and the industry made a strong recovery following a reduced schedule the previous year.
2022 also saw major investment in the Harbour Estate, which included the completion of two landmark office buildings, ‘City Quays 3’ and ‘Olympic House,’ as well as the construction of Hamilton Road, a new Titanic Quarter link road between Queen’s Road and Sydenham Road.
With ambitions to create the largest European media hub outside of London, work commenced on the expansion of Belfast Harbour Studios and productions from Netflix and Amazon Prime, including ‘The School for Good and Evil’, directed by Paul Feig were secured.
Providing a welcome boost to the thriving screen industry in Northern Ireland, Belfast Harbour also announced a partnership with Ulster University and NI Screen to deliver Studio Ulster, a Belfast Region City Deal project that will create a leading-edge virtual production facility adjacent to the existing Belfast Harbour Studios site at Giant’s Park.
Engaging closely with local communities, the Harbour provided funding of £320,000 to community and charitable programmes during 2022. This included the expansion of the Belfast Harbour Community Awards Fund, which supported 25 grass-roots community organisations with funding totalling £87,000.
Dr Theresa Donaldson, Chair of Belfast Harbour, said: “2022 was a landmark year for Belfast Harbour as we celebrated the 175th anniversary of the Belfast Harbour Commissioners. The strong results achieved during the year demonstrate the resilience and effectiveness of our Trust Port model, which enables us to reinvest our profits back into the development of our Port and Estate.
“Leveraging the diversity of our portfolio and our invaluable partnerships with our tenants, stakeholders and customers, Belfast Harbour is well on track to deliver its strategic ambitions to sustainably grow as a socially responsible port and as a key economic hub that delivers tangible social impact to the city and beyond.”
Joe O’Neill, Chief Executive Officer of Belfast Harbour said: “Our robust financial performance during 2022 reflects our strategic progress in growing as a world leading regional port and developing an iconic waterfront for the city. While we are confident of our diverse business and revenue streams, 2023 will undoubtedly present challenges as uncertainty in the global economy continues.
“As we actively develop the next phase of our Port for Everyone strategy, Belfast Harbour takes a long-term strategic view, forward-investing in our Port and Estate for the benefit of our stakeholders and the wider region. Through transformative investment programmes and innovative development, our tried and tested Trust Port model is delivering clear economic value and establishing Belfast Harbour as a key gateway to opportunity for the region.”
'Reasonable' Performance by Port of Cork in 2010
Turnover for the year amounted to €22 million (2009: €20.8 million) and operating profit before exceptional costs and interest amounted to €2 million (2009: €1.5 million). Profit on Ordinary Activities before taxation amounted to €2.2 million. In 2009 the Port of Cork successfully completed the Cork Dockers Rationalisation allowing the port to provide more efficient, reliable and most importantly cost effective shipping services for all users in the future.
Commenting on the 2010 annual results, Chairman Mr. Dermot O'Mahoney said: "Despite a reasonable increase of 5.6% in turnover, the Port of Cork has had to take a closer look at the company's current business practices, to ensure more efficient work practices and better control of costs. An increase in exports by 9.7% compared to 2009 show some areas are returning to growth and this is positive for the region."
Oil traffic which is mainly handled at Conoco Phillips Whitegate Oil refinery, increased by 3.56% to 5 million tonnes. Container traffic reduced by less than 1% to 147,526 TEU's, maintaining the Port of Cork's status as the second busiest Port in Ireland in terms of numbers of containers handled. Containers are shipped to and from Cork to Rotterdam, Antwerp, Zeebrugee, Scandinavia, North West Europe and the Mediterranean, highlighting Cork's role as a important gateway for trade.
Non-oil traffic accounted for 3.4 million tonnes in 2010, an increase in 486,806 tonnes or 16.7% compared to 2009.
The Port hosted 52 cruise liners in 2010 which brought over 100,000 passengers and crew to the Cork region and a welcome contribution to the local economy. The Port's continued investment in upgrading the Cobh Cruise Terminal has paid dividends by attracting some of the largest cruise lines to berth at the dedicated cruise facility. The Port of Cork is committed to the thriving cruise business, and aims to grow the business further from 54 calls to 75 calls over the next five years.
Brittany Ferries' Cork to Roscoff route had a very successful season operating from March to November. Overall the Port of Cork's Ro-Ro business was significantly boosted in 2010 by the resumption of the ferry service linking Cork with Swansea. The Port of Cork remains very supportive of the drive to maintain this ferry link which brings a welcome boost to the local and regional economy.
In 2010 the Port of Cork completed and published its Strategic Development Plan Review, a key element of which involved a comprehensive evaluation of potential sites in Cork Harbour for future port facilities. A detailed and comprehensive assessment was made of 13 sites in Cork Harbour for suitability to meet the needs of the Port in the short/medium/long term for different modes of trade. In preparing the Strategic Plan, the Company engaged in an extensive public consultation process with stakeholders. The issues raised were compiled into an Issues report which in turn fed into the review process of the plan. At the conclusion of the process it was determined that the primary location for Port activities should be in the lower harbour at Ringaskiddy. This location is already associated with considerable port related activity and development and is consistent with the relevant Development Plans of Cork County Council and the South West Regional Authority.
Chief Executive, Mr. Brendan Keating said: "Overall the Strategic Development Plan Review reiterates the Port of Cork's commitment to ensuring that Cork remains a world class Port with a sustainable and economically viable future in supporting and serving the economic competitiveness of the national and regional economy. The plan was prepared on the basis of planning for the long-term traffic projections of 2030 and beyond. However, in recognition that much can change in the intervening period the Plan sets out a framework which is flexible and adoptable in the short to medium term and on a phased basis."
With the completion of this Strategic Plan Review the Port of Cork is confident that viable new port facilities can be delivered in support of the business and trading needs of the region. The Port of Cork Company is convinced that the provision of Port infrastructure capacity is essential in enhancing the economic prospects of the State, Cork City, County and the South West Region.
Sustaining the quality of the environment in Cork Harbour, particularly in areas which have the potential to be affected or influenced by Port Operations, is a priority for the Company. The Port of Cork Company is committed to the highest standards in environmental management programmes through the implementation of global best practice and is accredited under ISO14001 and the EcoPorts foundation.
During 2010 the Company was involved in a number of local community based projects in Cork Harbour. The new Port of Cork City Marina was constructed during 2010, and it is an addition to the high quality facilities already in existence such as, the Millennium Garden in Tivoli, the Pier in Crosshaven and the landscaping at Ringaskiddy. The Port of Cork also continued to work in partnership with the National Maritime College of Ireland in providing training for Port and Harbour related activities. It is intended that this area of activity will be expanded over the next three years.
Additionally, the schools initiative, now in existence for over five years, continues to grow and be more successful in raising awareness levels of the Port among school children in Cork. The 2010 schools project, the most successful to date, recently concluded with a large number of projects submitted from schools. The theme of this year's competition was "Making Cork Harbour a Green Energy Hub for the future".
