Belfast Harbour reports record pre-tax profits of £36m
Staff Writer |
Belfast Harbour has revealed a record financial performance for 2016. Turnover grew by 7% to £58.1m while operating profit increased by 12% to £32.2m according to its 2016 Annual Report.
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The growth was driven by improved port throughput - up by just over 1% to more than 23m tonnes in 2016 - and increased property income.
The freight ferry sector, operated by StenaLine, performed particularly well with over half a million vehicles passing through Belfast, a rise of 60% since 2010.
Passenger numbers also grew strongly in 2016, up 9% to 1.5m, the highest level since 2004.
The Harbour invested £42m (up from £18m in the previous year) in infrastructure including new logistics warehousing, quayside cranes, the new Harbour Studios and ongoing urban regeneration schemes such as City Quays.
A further £105m has been committed to future capital expenditure projects.
The Annual Report noted a busy year for the Harbour’s Offshore Wind Terminal which was used by both MHI Vestas and DONG Energy to assemble some of the world’s largest wind turbines for installation in the Irish Sea.
Belfast Harbour became the first location in the world for the mass-scale assembly of these 187m high turbines.
Almost 2.3m tonnes of agri-sector related trades were also handled through Belfast, performing better than expected as the impact of lower global milk prices did not fully materialise.
Cement exports exceeded 200,000 tonnes for the first time since 2007 and coal grew to 2.2m tonnes representing 20% of all UK coal imports.
2016 was also a record year for the cruise sector with 82 ships calling with 145,000 visitors. ■
An upper level high pressure system is expected to continue aiding well above average and potentially dangerous temperatures throughout the West into the first full weekend of September.