Dublin Port records 4.2% growth in Q1, announces €11.7m dividend

11 April 2017

– Strong performance builds on 25% growth in the four years to end 2016 –

Tuesday, 11th April 2017: Dublin Port Company today published trade statistics for the first quarter of 2017 showing continued strong growth of 4.2% after last year’s record throughput of 34.9 million gross tonnes.

Dublin Port also announced that it will pay a dividend to the State of €11.7m in 2017, bringing the aggregate dividend payment since 2007 to €101.2m. The dividend follows a strong financial performance in 2016, during which turnover grew by 5.1% to €81.6m and EBITDA grew by 8.8% to €53.6m.

This strong performance comes after growth of 25% in the four years to 2016, with the high growth trend continuing into the first quarter of 2017.

Total throughput for the three months to the end of March was 8.7 million gross tonnes with 1,843 ship arrivals, equivalent to 20 ships each day. Both imports and exports grew strongly with imports ahead by 3.3% and exports even more strongly at 5.5%.

Summary of Quarter 1 2017 Trade Statistics

The largest parts of Dublin Port’s business are Ro-Ro freight trailers and Lo-Lo containers. Ro-Ro grew by 7.7% with 238,831 units in the first three months. Lo-Lo containers grew by 0.1% to 163,086 TEU.

Tourist volumes were down in the first quarter of 2017 due, primarily, to Easter falling this year in April. Last year it fell in March.

Eamonn O’Reilly, Chief Executive, Dublin Port Company, said:

“Having seen growth of 25% in the four years to last December, 2017 has started strongly with growth of 4.2% in the first quarter.

“Growth at this level was the norm over decades before the economic crash after 2007. What we are seeing in Dublin Port’s volumes is entirely consistent with the strong recovery evident in the domestic economy in recent years.

“Long-term growth requires additional capacity and we have a ten year €600m capital investment programme well underway to make sure that Dublin Port can continue to meet demand between now and 2040.

“This capital programme is part of our long term Masterplan to 2040 which we are currently reviewing to ensure it remains up to date and relevant. We will publish a revised Masterplan in the summer. Our next step then will be to begin planning additional capital development projects which can take up to 20 years to deliver from concept to completion.

“Alongside our large planned expenditure on capital projects, it is important that we continue to pay a dividend to the State and I am delighted that we are in a position this year to pay an €11.7m dividend, equivalent to 30% of last year’s profits. Dublin Port Company

had a strong year in 2016 with turnover growth of 5.1% to €81.6m and increased profit after tax of 7.3% to €39.0m.”