Ervia’s 2023 annual report shows that the semi-state commercial utility company recorded the increase in profits as revenues went up by €32m, or 6.5pc, from €494.9m to €527m.
The pre-tax profits of €117.3m follow pre-tax profits of €64.6m in 2022 – an increase of 81pc.
The main activity of the utility is the transportation of natural gas on behalf of 713,000 businesses and residential gas customers.
In his report, chairman Kevin Toland said that almost half of Ireland’s electricity was produced using natural gas in 2023 and reached 89pc on days when intermittent renewable generation was not available.
In his report, group chief financial officer with Ervia, Ronan Galwey, said that Ervia delivered “a satisfactory financial performance in 2023”.
Mr Galwey said this generated earnings before interest and tax (Ebitda) of €270m and operating cashflows of €219m, enabling the delivery of €148m of capital investments during the year.
He said: “Lower wholesale gas pricing in 2023, coupled with higher transportation tariffs drove the positive year-on-year profitability outcome.
“This follows two years of lower profitability outcomes principally driven by a volatile market for wholesale gas prices.”
The accounts disclose that in March, the board approved the declaration and payment of a dividend of €44m to the Exchequer, which was up 36pc on the 2023 dividend of €32.4m.
A note states the annual dividend is based on 45pc of the previous year’s profit before certain exceptional items.
Those earning more than €100,000 last year increased by 17 from 174 to 191, with four earning between €225,000 and €275,000, six earning between €200,000 and €225,000, 35 earning between €150,000 and €200,000, and 146 earning between €100,000 and €150,000.
Numbers employed increased from 735 to 813 as staff short-term benefits increased from €61.57m to €67.87m. Pay to CEO, Cathal Marley, last year totalled €269,000, made up of €225,000 in basic salary, €31,000 in pension contributions and €13,000 in other short-term employee benefits.
The amount spent on staff hospitality increased by 55pc from €131,000 in 2022 to €203,000, while the client hospitality spend dipped from €87,000 to €70,000.
