Operating profits at the Port of Cork Company last year decreased by 8 per cent to €6.94 million due to higher costs.
The company’s annual report shows operating profits decreased despite revenues rising by 7.5 per cent from €48.39 million to €52.07 million in 2024.
The Port of Cork company recorded pretax profits of €5.79 million after taking into account net interest costs of €1.14 million.
The pretax profits were marginally down on a year earlier.
RM Block
The commercial semi-state paid a dividend of €601,000 which was more than double the dividend of €260,000 paid out to the exchequer in 2023.
The profits take into account non-cash depreciation costs of €8.18 million.
Numbers employed increased from 178 to 180 as staff costs reduced from €17.64 million to €17.02 million.
Ann Doherty was appointed ceo of Port of Cork in 2024 and the accounts show that the remuneration for the office of ceo in 2024 totalled €220,194 made up of a salary of €174,674 and €45,520 comprising ‘pension costs and cost of company car’.
The accounts show that in 2024 along with the ceo earning between €200,000 and €225,000, five other members of staff earned between €150,000 and €200,000 with a further 10 earning between €100,000 and €150,000.
The spend on staff hospitality last year totalled €166,336 while consultancy costs more than doubled from €1.75m to €4.07m with the spend on legal advice surging from €165,010 to €1.05 million.
Separate accounts publicly available for the Port of Waterford show that pretax profits at the company increased by 38 per cent from €775,177 to €1.07 million last year.
This followed revenues increasing by 19 per cent from €8.34 million to €9.92 million.
