DAA set to pay State dividend for first time in seven years

DAA chief executive Kevin Toland

Sarah McCabe

February 07 2016 02:30 AM

The Dublin Airport Authority (DAA) will recommence paying a dividend to the State this year for the first time since the start of the recession.

DAA, which runs Dublin and Cork Airport as well as a commercial property development business, an international duty-free business and an airport consulting start-up, last paid a dividend of €19.4m in 2009.

DAA is wholly owned by the Government but is self-financing. It is not yet clear how much it will pay in a dividend this year.

Dublin Airport went through a period of unprecedented growth in 2015, with passenger numbers rising by 15pc. DAA chief executive Kevin Toland told the Sunday Independent that the airport had experienced three years' growth in the space of one.

A re-examination of proposals for a second runway is under way as a result, due to finish by the end of March. A second runway would cost €300m to build, Toland said.

Cork Airport also returned to growth in the final months of last year, although the airport is still down about 35pc since 2008.

Back in Dublin, DAA is also embarking on an ambitious plan to develop grade A office buildings for businesses who want to be located near to the airport. The first of these is at the old Aer Lingus headquarters in the heart of Dublin Airport, which has been refurbished. ESB International will soon become its first tenant.

"We are looking to slowly develop the rest of that area" said Toland. "We are going through the masterplan process with Fingal County Council at the moment."

The development is likely to exceed 200,000sq.ft in its first phase.