State forestry agency Coillte sees profits soar to €47m
STATE forestry agency Coillte generated profits last year of €47.6m, two thirds more than the previous year. The company paid a dividend to the State €5m.
Last year saw the company agree the sale of land in Ballymahon in Co. Longford to holiday resort company Center Parcs, a deal that was the catalyst for €230m of new investment.
Coillte said earnings before interest, taxes, depreciation and amortization (EBITDA) stood at €89.6m at the end of last year, 12pc. During the year the board and management concluded a new, ambitious five-year growth strategy for the business which will see Coillte becoming the leading forestry and land solutions company in Europe.
Commenting on the results the Chief Executive of Coillte, Fergal Leamy said: “We are pleased with our financial and operational performance in 2015, which showed excellent progress across a number of key areas and is a really good start towards achieving our new five-year strategy to turn Coillte into the best forestry and land solutions company in Europe.
Coillte said its land solutions business has become one of the leading renewable energy developers in Ireland and has the potential to become the leading company of its kind in Europe over the next five years, providing solutions that enable the implementation of Government policy in areas of renewables, infrastructure development, tourism and job creation.