Kildare-headquartered Bord na Móna announces highest ever profits

Bord na Móna, which is headquartered in Newbridge, has reported an operating profit of €95.2 million for the financial year to the end of March - the highest in its 90 year history.

This was up from €78.9m the previous year.

The company said the strong results were driven particularly by its renewable energy portfolio, which grew by 35% in the full year compared to 2022, RTE reports. 

Tom Donnellan, Chief Executive of Bord na Móna, said the financial performance places the company in a strong position to invest further in the expansion of renewable energy and climate solutions.

He added: "Our year-on-year growth also establishes a solid financial platform for the company to deliver on our 10-year plan and support the state in achieving its renewable energy requirements by 2030 and longer-term objective of carbon neutrality by 2050," he added.

Bord na Móna declared a one-off enhanced dividend of €37.8 million - representing 37.5% of adjusted profit after tax.

"We are conscious of our responsibility to contribute to the Exchequer and are pleased to provide an enhanced dividend of €37.8 million for the upcoming financial year as a result of our performance over the past 12 months," Mr Donnellan said.

 The company highlighted a number of milestones and firsts for the company in the past 12 months.

These included a €100 million investment in the expansion of its renewable energy portfolio, including wholly owned developments as well as joint venture projects.