Foyle Port’s latest financial results for the financial year ending 31st March 2021 show that performance at the Port has remained ‘resilient’ over the past year despite the severe challenges posed by the Covid-19 pandemic.
The figures published today show that trade has reduced by 9% to 1.7 million tonnes while the Port’s operating profit reached £1.5 million, reflecting a 12% reduction on the previous year. Turnover at the Port was £9.2 million, slightly down on last year’s pre-Covid £10.4 million.
Despite the challenges that both the pandemic and the post-Brexit landscape posed to the Port, and the maritime sector more generally, Foyle Port reinvested approximately £1 million in fixed assets, taking the Port’s asset base to £42.7 million.
RELATED: Danske Bank expects economic recovery in Northern Ireland to continue
The Port, which employs 108 people and generates £4.3 million in wages annually, also sources 80% of its electricity from low carbon fuel sources and is continuing to meet its decarbonisation obligations by investing in electric vehicles. Over the last year, the Port has reduced its CO2 emissions by 76 tonnes.
The Port has also supported a number of charities and charitable initiatives over the past 12 months which includes forming a new partnership with leading mental health charity Aware NI, implementing a new Mental Health Policy at the Port, and ensuring that 1% of all Port profits go towards the Port’s Corporate Social Responsibility Fund with donations to local charities and clubs.
Speaking at the Port’s AGM today, Bonnie Anley, Chair, Foyle Port said: “Today’s financial results illustrate the scale of the challenge that the Covid-19 pandemic and grappling with the post-Brexit trading environment have posed to Foyle Port. Despite these challenges, however, the Port’s financial performance has remained impressively resilient.”
RELATED: Sync NI - NI Apprenticeship Awards 2022 launched
Ms. Anley also added: “During this tough year, the Port played its role, as a key worker designated service, facilitating the vital trade flows into and out of the North West region. As this year progressed, Commissioners successfully ensured that our core business remained fully operational whilst, at the same time, continuity plans were quickly implemented as required.”
Source: Written from press release.
