#DUBLIN PORT – At its Annual General Meeting today, Dublin Port Company which operates Ireland's largest port, handling over half of Ireland's trade, announced it will pay a €10.2 million dividend to the State in June 2012 based on its Financial Results for the year ended 31 December 2011. In late February the company also announced it will invest €110m from its own reserves over next five years in the Capital's port when a long term master plan was unveiled.
The dividend announced today represents a distribution of 36.5% of profits after tax. This will bring the total dividend payments to its shareholder to €46.8 million over the last six years.
At today's AGM the Annual Report for 2011 was presented to the company's shareholders in advance of publication later this year after it has been laid before the Houses of the Oireachtas.
Speaking about the financial performance of Dublin Port Company for 2011, Minister for Transport, Tourism & Sport Leo Varadkar said: "I congratulate the company on its strong financial performance in 2011. Government policy is that commercial State companies should pay a dividend of at least 30% of after-tax profits. Dublin Port has done even better, and the company truly is a State asset in every sense of the term. The company's 30 year Masterplan outlines a wide range of proposals for developing the port over this period, and its continued good financial performance will help it to make these important investments. As the country's largest port, Dublin Port is a vital piece of economic infrastructure. It requires ongoing investment to ensure it offers a first class service to importers and exporters."
Addressing Dublin Port Company's AGM, Ms. Lucy McCaffrey, the company's chairperson, said; "I was pleased to report to our shareholders, the representatives of the Minister for Transport and Minster for Finance, that Dublin Port Company will pay a dividend of €10.2 million in respect of its 2011 financial year. This year's dividend will bring to almost €47 million the total distributions to our shareholder in six years. In addition to paying a dividend to our shareholder we remain committed to investing in the port's infrastructure to ensure that Dublin Port can continue to facilitate exports and imports in the most efficient and competitive way. With that in mind we have recently launched a 30 year Masterplan which was developed following a major consultative process with all our stakeholders to create an important framework for the future development of Dublin Port. This plan will maximise Dublin Port's trade and tourism potential so that it can serve the trading needs of the city and country for generations to come."