At its Annual General Meeting today, Dublin Port Company which operates Ireland’s largest port, handling over half of Ireland’s trade, announced it will pay a €5.5 million dividend to the State in June 2010 based on its Financial Results for the year ended 31 December 2009. This will bring the total dividend payments to its shareholder to over €20 million over the last four years.
At today’s AGM the Annual Report for 2009 was presented to the Shareholders in advance of publication later this year after it has been laid before the Oireachtas.
Dublin Port Company also outlined its trading outlook for the remainder of the year having announced the first quarter trading results earlier this week. These results pointed to strong signs of recovery following four consecutive months of increased trading activity at Ireland's largest port. Quarter 1 total throughput at Dublin Port rose by 7.9% over the three month period, with a 14.6% increase in exports while imports were 3.8% higher than the same period last year.
Addressing Dublin Port Company’s AGM, Ms. Lucy McCaffrey, the company’s chairperson, said; “I was pleased to report to our shareholders, the representatives of the Minister for Transport and Minster for Finance, that Dublin Port Company will pay a dividend of €5.5 million in respect of the 2009 financial out-turn which, despite a 10% fall in throughput at Dublin Port in 2009, is 3.75% higher than the company’s dividend last year. In addition to paying a dividend to our shareholder we remain committed to investing in the port’s infrastructure to ensure that Dublin Port remains the efficient modern competitive port it has become.”
Speaking about the financial performance of Dublin Port Company for 2009, Mr. Noel Dempsey TD, Minister for Transport said; "I congratulate the company on its financial performance for 2009. It was encouraging that, notwithstanding a 10% fall in throughput, the company remains a profitable enterprise that continues to pay a dividend to the State, in line with current Government policy in relation to the commercial State companies. Furthermore, I was encouraged to see the port publishing improved trading figures for the first quarter of the year. This country's return to economic prosperity will be export-led and all Irish ports will play an important role in facilitating that trade."
Dublin Port Company’s CEO, Mr Enda Connellan said; “Dublin Port Company is proud that it was the first state-owned port company to pay a dividend to its shareholders four years ago and that this year’s dividend will bring total distributions to over €20 million in a four year period.” Mr. Connellan added; “We remain committed to pursuing our policy of providing a return to our shareholders in line with other relevant publicly quoted port and utility providers.”
Date Published: Friday 30. of April 2010