Prof­its rise by 10pc to €11m at waste firm

Irish Independent - - Business - Gor­don Dee­gan

THE Bel­gian com­pany seek­ing plan­ning per­mis­sion for a new €173m in­cin­er­a­tor at Rin­gask­iddy in Co Cork last year in­creased its pre-tax prof­its by

10pc to €11m.

In­daver Ire­land Ltd has a plan­ning ap­pli­ca­tion be­fore An Bord Pleanála for a €173m waste-to-en­ergy fa­cil­ity to treat up to 240,000 tonnes per an­num of resid­ual house­hold, com­mer­cial, in­dus­trial non-haz­ardous and suit­able haz­ardous waste.

A de­ci­sion is due on the in­cin­er­a­tor by An Bord Pleanala later this month.

An oral hear­ing was held into the plan last year where con­cerns were ex­pressed by lo­cal res­i­dents over the pro­posal.

If In­daver se­cures plan­ning per­mis­sion, it hopes that the fa­cil­ity will pro­vide 320 jobs dur­ing construction and 63 when op­er­a­tional.

New ac­counts filed by In­daver Ire­land Ltd show that its waste busi­ness here is al­ready very prof­itable.

The pre-tax prof­its of €11.15m fol­low pre-tax prof­its of €10.1m in 2015. How­ever, rev­enues at the com­pany last year de­clined by 2pc to €79m.

In­daver com­menced op­er­a­tions of its in­cin­er­a­tor at Duleek in Co Meath in Septem­ber 2011.

The firm last year paid €8.5m in div­i­dends and this fol­lowed a

€34m div­i­dend pay­out in 2015. The firm em­ploys 185 in Ire­land and staff costs last year in­creased from €9.4m to €9.6m. Di­rec­tors were last year paid

€561,173.

The com­pany paid €271,842 into a lo­cal com­mu­nity fund at Car­ranstown, Co Meath, in

2016.Non-cash de­pre­ci­a­tion and amor­ti­sa­tion costs were

€10.8m. To­tal share­holder funds at In­daver Ire­land stood at €149.9m.

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