State company continued to invest in energy projects but reported a €45m fall in renewable energy sales cts
Returns from asset sales bolstered profits at Bord na Móna in the face of a 30 per cent fall in turnover to €279 million following the State-owned company’s closure of two businesses.
The figures also show that the closure of its fertiliser business in 2022 and peat briquette factory in Derrinlough, Co Offaly in 2023, wiped a combined €48 million off turnover. The company’s report points out that there was a “corresponding reduction in cost of sales and distribution expenses for the year”.
As a result, operating profits grew 12 per cent to €106.7 million – the group’s highest ever, according to chief executive Tom Donnellan – during the 12 months to the end of March. The group spent €164 million developing new energy businesses during the financial year – €133 million on projects that Bord na Móna wholly owns and €31 million on joint ventures.
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