Wednesday 21 March 2018

ESB profits rise €71m as firm pays out €273m in dividends

ESB Chief Executive Pat O'Doherty
ESB Chief Executive Pat O'Doherty
Michael Cogley

Michael Cogley

Energy supplier ESB has increased its profit after interest and tax by €71m to €286m in 2015.

The semi-state company paid out €273m in 2015, which includes special dividends of €214m.

ESB posted operating cost savings of €270m in recurring annual savings over the last five years.

Operating profit at the company increased by €83m to €635m.

The firm, which owns the country's largest energy supplier, Electric Ireland, says improved availability of its generation plant was the main driver in the improvement of profitability.

ESB chief executive Pat O'Doherty said the firm had delivered a solid performance "in the face of intensifying competition".

"The performance improvement programme embarked on by ESB in 2010 has delivered significant recurring savings of €270m and has been critical to maintaining ESB’s profitability," he said.

The dividend payment of €214m that was paid out in January of last year completed the special dividend programme that was agreed with the Government in 2012.

Over the course of 2015 ESB invested €780m in energy infrastructure across the island of Ireland.

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