Directors at Gas Networks Ireland have approved a €62.1 million dividend payment to the exchequer after pretax profits last year increased by 43 per cent to €165.2 million.
The 2024 annual report for Gas Networks Ireland shows revenues rose by 14 per cent from €527 million to €599.5 million.
Annual dividends at the utility operatorare based on 45 per cent of the previous year’s profits. A dividend of €44 million was paid out last year.
In the previous five years “we have distributed over €200 million in dividends to our shareholder, the Irish Government”, the report states.
Holiday flight delays, cancellations, denials or downgrades: know your rights
Trump’s on-off tariff announcements now the main threat to global growth
‘The mask is off in tech. You’re getting fired if you speak out’
Child Benefit: Will payments rise for lower income households and what will this mean for wealthier parents?
The annual report said revenues “were driven principally by higher transportation tariffs and marginally higher capacity demand”.
Gas Networks Ireland own, build, maintain and operate the natural gas network in Ireland and its principal activity is the transportation of natural gas to more than 720,000 business and residential gas customers regardless of which natural gas supply company they choose.
The utility company recorded earnings before interest, depreciation tax and amortisation (Ebitda) of €323 million.
The company’s non-cash depreciation and amortisation costs totalled €154 million. The utility recorded a post tax profit of €138 million after recording a €26.9 million corporation charge.
In a note with the accounts the directors said Gas Network Ireland’s operating costs increased by €22 million to €276 million last year and “this was primarily due to incremental cyber and energy security related costs, incremental customer related pipeline diversion costs, increase in commercial rates and general inflationary cost pressures”.
The utility’s rates bill for 2024 totalled €31 million.
In his report chief financial officer Ronan Galwey said “the solid performance for the year follows lower profitability outcomes in 2021 and 2022 driven principally by higher wholesale gas prices and customer cost mitigation measures”.
Now acting chief executive, Mr Galwey said: “The financial outcome for the year and our strong financial metrics will enable Gas Networks Ireland to continue to invest in critical infrastructure on our gas network to strengthen energy security and will facilitate the delivery of a decarbonised gas network in support of our climate ambitions.”
Numbers employed increased from 813 to 848 and staff costs increased from €67.8 million to €74.1 million.
The 2024 pay package for former chief executive Cathal Marley last year totalled €266,000 made up of basic salary of €225,000, €30,000 in pension contributions and €11,000 in other short-term employment benefits. Mr Marley is now chief executive at EirGrid.
The utility firm had 12 employees earning more than €200,000 last year with 42 earning €150,000-€200,000 while 189 earned €100,000-€150,000.
