The Port of Cork Company reports strong financial performance in 2022

THE opening of the new €94 million Cork Container Terminal in Ringaskiddy and strong financial performance were highlighted in The Port of Cork Company 2022 Annual Report.

The published report shows a steady recovery from Covid-19 and growth despite ongoing global challenges.

Turnover increased by 21.5% to €48.41 million in 2022 from €39.8 million in 2021 and the company’s profits also increased by 17.7%, with an operating profit of €9.16 million (€7.78 million in 2021).

In 2022, the Ports of Cork and Bantry reported a total consolidated traffic throughput of 10.2 million tonnes slightly lower than in 2021. 

The number of container twenty-foot equivalent units (TEUs) increased slightly to 282,781 TEUs.

Conor Mowlds, Chief Commercial Officer at the Port of Cork said it was a ‘significant’ year. 

“This was a significant year for the Port. Growth progressed throughout many areas of the business."

"We are now in a better position to progress vital additions to our infrastructure - including upgrades to our cargo handling fleet and port facilities.” 

“We must continue to invest in port facilities to provide our customers with reliable, safe, high-performing facilities and services in an efficient logistics chain said Eoin McGettigan, Chief Executive Officer of the Port of Cork Company. 

“To fund this future we must drive increased efficiency in our business, make the right commercial decisions and consider all possible funding solutions.” 

Other highlights from the annual report include an increase in the imports of trade cars and dry bulks, which all offset small declines in liquid and break bulk traffic.

Employment figures also increased from 154 to 170 as a result of operating two container terminals at Tivoli and the new Cork Container Terminal in Ringaskiddy.