Belfast Harbour Records Biggest Profit

A record financial performance during 2013 has enabled Belfast Harbour to commit more than $100.5m to capital expenditure projects.

The Harbour’s Annual Report has revealed that Turnover rose by 30% to $84.2m, whilst Profit before Taxation climbed by 42% to $43.8m during the financial year. During the period the Harbour also paid over $11m in tax.

The strong performance reflected a record year for tonnages handled, up 16% to 22.7m tonnes. The growth in trade was particularly good in sectors such as Dry Bulk Cargo (up 45%), which is closely related to the island’s agri-food industry, and Roll-On / Roll-Off (freight vehicles) which increased by 8%.

Growth in trades associated with the new offshore wind energy facility also jumped from just 3,000 to 200,000 tonnes.

The sectors have benefitted from long-term investments by the Harbour in new marine infrastructure such as enhanced deep-water facilities and its new $88.7m offshore wind energy terminal, the first in the UK or Ireland.

Len O’Hagan, Belfast Harbour’s Chairman, said:“Much of 2013’s growth was secured by investments totalling $67.5m by the Harbour in three sectors – renewables, dry bulk and freight. The single largest expenditure ($88.7m) was our development of the UK’s first bespoke logistics and assembly harbour to support offshore renewables.

Record levels of profit have enabled the Harbour to commit $100.5m towards further projects to benefit the local economy.

This is necessary to accommodate a projected 68% increase in trade over the next 15 years and ensure that Belfast Harbour remains forward looking as the island’s most modern gateway to overseas markets.”

The most significant port development project initiated in 2013 was the submission of a planning application to reclaim 60 acres of land from Belfast Lough at the seaward end of the Port to support long-term capacity needs. Other Port development projects initiated include preparatory works on a major new coal handling and storage facility.

The Harbour also remains committed to supporting the ongoing regeneration of Belfast Harbour Estate and continued to progress a number of projects through the planning process.

These include plans for a 200,000 sq ft extension to Sydenham Business Park and work is already underway on and 83,000 sq ft waterfront office known as City Quays 1, which was granted planning approval in October 2013.

[mappress]

June 2, 2014