Business Irish

Friday 17 November 2017

ESB profits up over 20pc to €415m as cost cutting pays off

Ailish O'Hora

Ailish O'Hora

ESB has reported a profit of €415m, an increase of 23pc for 2013 as cost cutting measures paid off.

In the same period, ESB said it had spent over €650m on its Irish infrastructure adding that it contributed over €2bn to the Irish economy through dividends, investments, taxes and jobs.

It employs 7,500 fulltime and part-time staff.

The ESB board has recommended a final dividend payment of €29.8m to the Government. This brings the total dividends for the past ten years to €1.2 billion.

"Despite difficult economic conditions and increasing competition, these results reflect a very solid performance across the group," its chairman Lochlann Quinn said.

"ESB has protected its financial strength, which allows us to continue to fund critical energy infrastructure projects, compete effectively against international players and grow our business in the integrated GB / Ireland market. ESB continues to play an important role in the Irish economy and deliver benefits to its stakeholders," he added.

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