Investment reports

Port reports improved turnover and profit despite Covid and Brexit threats

The Port of Cork Company (PoCC) has released its annual report for 2021, highlighting strong financial performance, with improved revenue and profit thanks to growth in port traffic combined with a strong focus on efficiency.

The report shows a steady recovery following the challenges of Covid-19 and Brexit, with an 18% increase in revenue from €33.7m in 2020 to €39.8m in 2021. Company profits also rose, with an operating profit of €7.8. M (€6.1m in 2020).

The Port of Cork is the second largest port in the state by turnover, handling all types of cargo including take off, liquid bulk, dry bulk, break bulk, roll-on roll-off and cruise.

In 2021, Port of Cork and Bantry reported a consolidated total traffic throughput of 10.6 million tonnes, in line with 2020. Due to maintaining existing traffic and launching a number of direct services to the Europe since Ringaskiddy after Brexit, the number of twenty-foot equivalent containers (TEUs) increased by 13% to a record 281,816 TEUs (2020: 250,209 TEUs).

Liquid bulk and bulk, container lift, Con-Ro and commercial car imports all improved significantly in 2021 and dry bulk imports remained consistent with 2020. Employment figures increased from 155 to 164, with salary costs rising from €12.33 M to €14.4 M.

Due to Covid-19, the company has been forced to deal with the continued collapse of the cruise liner trade and declining tourism. In April 2022, the cruise industry successfully restarted and the Port of Cork welcomed a surge in tourist trade.

A monumental moment for PoCC in 2021 was the completion of the €89 million Cork Container Terminal (CCT) at Ringaskiddy, an investment that represents the largest marine infrastructure investment in the port’s history.

Conor Mowlds, Commercial Director of the Port of Cork, said: “It has been an important year for the port, not only in terms of recovering from the impact of the pandemic, but because of the many advances we have made towards our journey into the future. .

“After a strong fiscal year, we are now in a better position to advance these vital additions to our infrastructure.

“We look forward to the completion of the M28, which, combined with the CCT, will ensure the sustainability of the Port of Cork for the benefit of the Irish, regional and local economies.”