Page 16 - COBH EDITION 1st SEPTEMBER DIGITAL VERSION

Port of Cork and Bantry Bay Port Compny Achieve
a Combined Turnover of €31.5 million in 2017

The Port of Cork Company and Bantry Bay Port Company today announced their combined
turnover for 2017, showing a positive increase compared to 2016. Consolidated Turnover for
the year 2017 amounted to €31.5 million (incl. €0.54 million Bantry Turnover) up from €29.6
million (incl. €0.21 million Bantry Turnover) in 2016.
Consolidated Profit on ordinary activities before taxation amounted to €5.9 million compared
to €4.1 million in 2016, an increase of €1.8 million due to improved trading activity and an im-
proved return in Bantry. Profit after tax amounted to €5 million in 2017 (2016: €3.3 million).
In 2017, Port of Cork and Bantry trade traffic totalled 10.3 million tonnes compared to 9.5
million tonnes in 2016 which represents an increase of 814,000 tonnes or 8.6%. Total Oil
throughput in 2017 through Bantry Bay and Whitegate oil Refinery amounted to 6.4 million
tonnes up from 5.7 million tonnes in 2016, an increase of 11.4%. Total Container Traffic was
217,763 TEU, an increase of 4% on 2016 TEU’s.
Commenting on the 2017 annual results, Port of Cork Chairman John Mullins said: ‘our an-
nual results for 2017 are very positive and the increase in total traffic is a reflection of these
figures. I am also pleased to say that in 2017 the Port of Cork Company approved a dividend
payment to the Exchequer of €693,065, an increase of 3% on 2016. We are committed to
supporting the shareholder and will continue to pay a yearly dividend while also pursuing our
capital strategic development plan.’

In 2017 both ports achieved a number of significant company successes, most notably the Port
of Cork who received full planning permission for the altered first phase of the Ringaskiddy
Port Development project.
Chief Executive Brendan Keating said: ‘Overall we are very encouraged by the increase in
turnover compared with 2016. In 2017 the port agreed a funding structure for the Ringaskiddy
Port Redevelopment with the EIB, AIB and ISIF (the Ireland Strategic Investment Fund). This
€80 million port redevelopment will deliver more efficient container handling facilities thus
securing ‘Cork Container Terminal’ as an international gateway for trade well into the future.’

He continued: ‘This redevelopment will replace the existing container terminal at Tivoli and the
transfer of Port related activities from the city and Tivoli will create a real opportunity for Cork
Dockland sites to be redeveloped in the near future.’
The cruise business has gone from strength to strength with 68 cruise liners calling to Cork
and seven calling to Bantry in 2017. These cruise calls brought over 142,000 passengers and
crew to the region, providing a substantial contribution to the local economy. In 2018, 96
cruise liners will visit the Port of Cork, a 30% increase on 2017 calls.
Another notable achievement in 2017 was the progress made on the establishment of a new
ROPax service to Northern Spain and France culminating in the announcement by Brittany
Ferries of a new twice weekly service to Santander, Spain and year round service to Roscoff,
France. This new service, the first direct service from Ireland to Spain, will offer the option for
freight carriers and passengers to bypass the UK and French land-bridge to Spain as Brexit
uncertainty continues.

In Bantry, Phase 1 of the Bantry Inner Harbour Development costing in the region of €9million
was completed and the official opening ceremony of the Bantry Marina development took place
in August 2017.