Profits at green bin operator Oxigen jump 50% to almost €8m

PROFITS AT the company that operates Dublin's green bin service, Oxigen, jumped 50 per cent to almost €8 million last year, the latest figures show.

According to accounts lodged with the Companies' Registration Office, Kalbarri Ltd, which owns most of Oxigen's issued share capital, had sales of €66.4 million in the 12 months to March 31st, 2007, a 10 per cent increase on the €60 million it reported a year earlier.

Operating profits grew 50 per cent to €9.3 million in 2007 from €6.4 million the previous year. Profits before tax were €7.9 million last year, compared to €5.2 million in 2006.

Net cash generated by the group's activities topped €21 million during the year, compared to €16 million in 2006.

Kalbarri Ltd is owned by four members of the Doyle family in Dunleer, Co Louth, which runs a number of other waste and recycling businesses around the State.

Individual members of the Doyle family also directly hold some of Oxigen's issued share capital.

The company is one of the biggest in the recycling sector and operates the green bin service, which collects recyclable waste from households and businesses in the four Dublin local authority areas.

Dublin City Council itself is the waste management authority for the greater Dublin area.

The Kalbarri group also has depots in Cavan, Dundalk and Tullamore. Along with the 350,000 households it services in Dublin, it has a further 50,000 around the State.

Because of a growing squeeze on resources, recyclable waste such as paper and metals are treated as commodities on international markets, once they reach a certain standard and have been properly segregated.