Business Irish

Wednesday 24 January 2018

Profits rise by 10pc to €11m at waste firm

The Belgian company seeking planning permission for a new €173m incinerator at Ringaskiddy in Co Cork last year increased its pre-tax profits by 10pc to €11m. Stock image
The Belgian company seeking planning permission for a new €173m incinerator at Ringaskiddy in Co Cork last year increased its pre-tax profits by 10pc to €11m. Stock image

Gordon Deegan

The Belgian company seeking planning permission for a new €173m incinerator at Ringaskiddy in Co Cork last year increased its pre-tax profits by 10pc to €11m.

Indaver Ireland Ltd has a planning application before An Bord Pleanála for a €173m waste-to-energy facility to treat up to 240,000 tonnes per annum of residual household, commercial, industrial non-hazardous and suitable hazardous waste.

A decision is due on the incinerator by An Bord Pleanala later this month.

An oral hearing was held into the plan last year where concerns were expressed by local residents over the proposal.

If Indaver secures planning permission, it hopes that the facility will provide 320 jobs during construction and 63 when operational.

New accounts filed by Indaver Ireland Ltd show that its waste business here is already very profitable.

The pre-tax profits of €11.15m follow pre-tax profits of €10.1m in 2015. However, revenues at the company last year declined by 2pc to €79m.

Indaver commenced operations of its incinerator at Duleek in Co Meath in September 2011.

The firm last year paid €8.5m in dividends and this followed a €34m dividend payout in 2015.

The firm employs 185 in Ireland and staff costs last year increased from €9.4m to €9.6m. Directors were last year paid €561,173.

The company paid €271,842 into a local community fund at Carranstown, Co Meath, in 2016.Non-cash depreciation and amortisation costs were €10.8m. Total shareholder funds at Indaver Ireland stood at €149.9m.

Irish Independent

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