Foyle Port Announces Record Operating Profit
Foyle Port has announced a record operating profit of £2.2million generated from a turnover of £8.6 million for the 2016/2017 period.
The figures, published at its Annual General Meeting, shows that the operating profit uplift represents a 50% increase on last year.
Now in its fifth year of consecutive growth, Foyle Port reinvests all its profits to continually improve the business and upgrade facilities.
Capital investment in 2016/17 totalled £3.6million which included a state of the art tug to safeguard the future shipping operations in Lough Foyle.
“The Port’s average number of employees has increased to 92 over the last year. This includes permanent employees, plus a number of full time equivalent positions. In all, it represents a salary contribution of £3.2 million per annum.”
Other Key Stats:
· Foyle Port handles over £1billion worth of commodities annually;
· Over £30million reinvested as part of the long-term capital expenditure programme;
· £40million fixed asset base;
· Turnover has doubled in the last 10 years.
Foyle Port Chair, Bonnie Anley, commented:
“The past year has been significant for the Port as it was the strongest financial performance in our 162-year history.”
“As a trust port, we reinvest all our profits which means that our workforce and all the wider businesses that we support benefit collectively.”
“Our sustained growth has driven more than £100m of inward investment into the north-west region and our successful diversification of the business means that we are on course for further growth in the years to come.”
“External uncertainties prevail, but our strategy has proven robust with a 25% operating margin achieved in 2016/17 demonstrates how well the wider port is performing.”
Foyle Port Chief Executive Brian McGrath added:
“The port continues to play a significant part in the business life in the north-west city region and on both sides of the border. Not only have the numbers of employees increased by 20% at the port, we sustain over 1,000 more jobs in the area.”
“As a wider economic zone, our work at the port transcends politics and borders. With Brexit coming down the track, we are committed to delivering our commercial and statutory duties whatever happens. We will simply have to deal with the consequences of the future arrangements of the customs union, single market and the common travel area. Uncertainty erodes business confidence and deters investment, but we will face up to the new realities.”
“We move into the next year with great enthusiasm as our plan to develop a new cruise ship terminal continues to gain strong support from those who recognise the massive tourism potential in this part of the island of Ireland.”
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