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Dublin: 7 °C Monday 18 November, 2019

Power up: ESB announces €80 million rise in profits

That’s a lot of lights left on.

Image: Gareth Chaney/Photocall Ireland

THE ESB HAS announced that a cut to staff costs and increased revenue have led to a €415 million after-tax profit in 2013.

The energy firm says that the profit, which is €80 million greater than 2012, includes payroll savings of €51 million for the year and increased revenue.

The Performance Improvement Project, which is designed to achieve savings of €280 million by 2015, has achieved over €250 million in recurring annual savings since 2010, the report says.

They add that the ESB contributes over €2 billion in dividend, investment, taxes and jobs to the Irish economy, with over €825 million invested in capital projects in the Republic of Ireland and the UK last year.

The company paid shareholders an interim dividend of €68.4 million and also a special dividend of €161m in January of this year with proceeds from the sale of overseas generation assets.

Chairman of the company Lochlainn Quinn said that the results came at a challenging time for the ESB.

“Despite difficult economic conditions and increasing competition, these results reflect a very solid performance across the group.

“ESB has protected its financial strength, which allows us to continue to fund critical energy infrastructure projects, compete effectively against international players and grow our business.”

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