Irish Minister for Transport, Tourism and Sport, Leo Varadkar has announced that Dublin Port Company has paid a dividend of €8 million to the State based on its financial results for the year ended December 31, 2013. The payment is in line with the company’s commitment to making a dividend payment of 30% of profit after tax, annually.
It follows the company’s total dividend payment of €15 million last year, which included a once-off special dividend of €8 million, and brings total dividend payments to the State by the port to €69.8 million over the last eight years.
Minister Varadkar said, “I am delighted that Dublin Port is in a position to make this dividend payment of €8 million. I commend Dublin Port Company on its financial performance in 2013. The fact that Dublin Port is capable of making a significant return to the Exchequer is testament to the Board, management and employees. The port continues to play a crucial role in the economy at national and local level and the continued strength of the company’s finances positions it well to deliver on its planned key infrastructural developments.
“I attach particular importance to the payment of dividends by commercial State enterprises. Dividend payments act as a useful benchmark for financial performance, and also serve to remind all involved that the State is a full shareholder. Like any shareholder, the State therefore expects to see a return on its assets.”
Lucy McCaffrey, the company’s Chairperson said, “I am delighted that Dublin Port Company continues to be in a position to meet the target set out by the Minister in the National Ports Policy which requires that profitable commercial state companies should pay a financial dividend to the State at 30% of after-tax profits. It is particularly encouraging that the strength of the company’s profitability and financial position ensures that we will be in a position to continue to meet this target in the coming years while also delivering on our capital investment program which we are confident will ensure that the country’s main gateway for international trade will have the infrastructure and capacity to facilitate growth and recovery in the economy.”