Coillte profits up almost 7pc in 2016 as forestry giant eyes further growth
Coillte, Ireland’s largest forestry and land solutions company, today announced its annual results for 2016.
The company delivered record earnings before interest, tax, depreciation and amortisation (EBITDA) of €98.3m, up 10pc on the previous year.
Operating cash flow at €15.2m was up 130pc on 2015 while operating profit (before exceptional items and revaluation gains) increased by 6.6pc to €64.4m.
Coillte manages a forest and land estate of over 440,000 hectares, which is equivalent to approximately 7pc of the country’s land.
From this land, it operate three businesses, its core forestry business, wood panels manufacturing business (MEDITE SMARTPLY) and a Land Solutions business.
Coillte says its core forestry division has the potential to be the best forestry company in Europe and the plan is to increase the return on this business from 1pc today to 3.5pc by 2020.
Log sales to Coillte’s sawlog customers increased 25pc from 2015 to 1.6 million m3 in 2016, which is the highest sales level achieved in 10 years.
Furthermore, 19m trees were planted over 7,800 hectares, an increase of 15pc on last year and the highest level of forest establishment completed in over 10 years.