Port of Cork and Bantry Bay Port Company Achieve a Combined Turnover of €31.5 million in 2017

 Port of Cork and Bantry Bay Port Company Achieve a Combined Turnover of €31.5 million in 2017

Thursday 23 August 2018

The Port of Cork Company and Bantry Bay Port Company today announced their combined turnover for 2017, showing a positive increase compared to 2016. Consolidated Turnover for the year 2017 amounted to €31.5 million (incl. €0.54 million Bantry Turnover) up from €29.6 million (incl. €0.21 million Bantry Turnover) in 2016.

Consolidated Profit on ordinary activities before taxation amounted to €5.9 million compared to €4.1 million in 2016, an increase of €1.8 million due to improved trading activity and an improved return in Bantry. Profit after tax amounted to €5 million in 2017 (2016: €3.3 million).

Port of Cork photo by Aidan Fleming

Port of Cork photo by Aidan Fleming

In 2017, Port of Cork and Bantry trade traffic totalled 10.3 million tonnes compared to 9.5 million tonnes in 2016 which represents an increase of 814,000 tonnes or 8.6%. Total Oil throughput in 2017 through Bantry Bay and Whitegate oil Refinery amounted to 6.4 million tonnes up from 5.7 million tonnes in 2016, an increase of 11.4%. Total Container Traffic was 217,763 TEU, an increase of 4% on 2016 TEU’s.

Commenting on the 2017 annual results, Port of Cork Chairman John Mullins said: ‘our annual results for 2017 are very positive and the increase in total traffic is a reflection of these figures. I am also pleased to say that in 2017 the Port of Cork Company approved a dividend payment to the Exchequer of €693,065, an increase of 3% on 2016. We are committed to supporting the shareholder and will continue to pay a yearly dividend while also pursuing our capital strategic development plan.’

In 2017 both ports achieved a number of significant company successes, most notably the Port of Cork who received full planning permission for the altered first phase of the Ringaskiddy Port Development project.

Chief Executive Brendan Keating said: ‘Overall we are very encouraged by the increase in turnover compared with 2016. In 2017 the port agreed a funding structure for the Ringaskiddy Port Redevelopment with the EIB, AIB and ISIF (the Ireland Strategic Investment Fund). This €80 million port redevelopment will deliver more efficient container handling facilities thus securing ‘Cork Container Terminal’ as an international gateway for trade well into the future.’

He continued: ‘This redevelopment will replace the existing container terminal at Tivoli and the transfer of Port related activities from the city and Tivoli will create a real opportunity for Cork Dockland sites to be redeveloped in the near future.’

The cruise business has gone from strength to strength with 68 cruise liners calling to Cork and seven calling to Bantry in 2017. These cruise calls brought over 142,000 passengers and crew to the region, providing a substantial contribution to the local economy. In 2018, 96 cruise liners will visit the Port of Cork, a 30% increase on 2017 calls.

Another notable achievement in 2017 was the progress made on the establishment of a new ROPax service to Northern Spain and France culminating in the announcement by Brittany Ferries of a new twice weekly service to Santander, Spain and year round service to Roscoff, France. This new service, the first direct service from Ireland to Spain, will offer the option for freight carriers and passengers to bypass the UK and French land-bridge to Spain as Brexit uncertainty continues.

In Bantry, Phase 1 of the Bantry Inner Harbour Development costing in the region of €9million was completed and the official opening ceremony of the Bantry Marina development took place in August 2017.

ENDS

For further information please contact:

Sara Mackeown
Commercial Marketing Executive
Port of Cork Company
Custom House Street
Cork

T12 CY88
Ireland
Tel: +353 (0) 21 4625 375
Mobile: +353 (0)86 1044011
www.portofcork.ie
Follow us on Twitter @portofcork

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