A woman walks her dogs along Sandymount beach with Poolbeg incinerator in the distance. Photo: Steve Humphreys
Pre-tax profits last year at the company that operates the Poolbeg incinerator in Dublin declined by 23pc to €44.07m due to the impact of lower electricity prices in 2023.
New accounts show Dublin Waste To Energy Ltd sustained the drop in pre-tax profits as revenues decreased by 16.6pc from €150.48m to €125.48m.
The facility – which accepts municipal non-hazardous waste generated in the Dublin waste management region – last year was successful in having its licensed capacity increased by 90,000 to receive up to 690,000 tonnes of waste per annum.
The incinerator uses energy created in the process of burning waste to feed power into the electricity grid and generates enough electricity for up to 110,000 homes.
The directors state that the company has further plans to develop district heating for up to a further 50,000 homes.
The company “traded strongly during the year”, operating at the capacity permitted for waste incineration with resulting electricity production in line with expectations, the directors said.
“Turnover and resulting profits are consistent with the company’s internal forecasts with the decrease against results from 2022 primarily reflecting movements in electricity market pricing over 2023.”
The strong profits enjoyed by the firm last year coincided with the company paying out a dividend of €28.24m, which was down sharply on the dividends of €62.85m paid out in 2022.
Dublin Waste to Energy Ltd operates a public-private partnership (PPP) between Dublin City Council acting on behalf of the four Dublin local authorities and Encyclis in operating the thermal treatment plant.
Dublin Waste to Energy Ltd is a subsidiary of Encyclis after it rebranded from Covanta Europe last year.
The Dublin unit last year recorded operating profits of €54.088m. Profits were reduced by interest payments of €11.7m offset by interest rate swap gains of €1.69m. The company last year recorded a post-tax profit of €37.88m after incurring a corporation tax charge of €6.18m.
The profit takes account of non-cash depreciation costs of €18.3m.
The firm had a contractual commitment for rent of €19m to Dublin City Council at December 31, 2023. At the end of December last, the firm had shareholder funds of €154.86m that included accumulated profits of €20.27m.
