Bord na Móna delivered an operating profit of €95.2 million for the financial year to March 2023 – up from €78.9 million in the previous 12 months.
According to its latest annual report Bord na Móna has “undergone a seismic transformation” from a traditional peat-based business.
Tom Donnellan its chief executive said it is now “a company with a climate solutions strategy entirely focused on renewable energy generation, recycling and responsible waste management, rehabilitating Irish peatlands, and developing additional low carbon enterprises”.
Last year saw the closure of Bord na Móna’s last remaining briquette factory at Derrinlough in Co. Offaly, which it said represented “the final stage” in its commitment to cease peat harvesting and exhaust existing peat stocks for briquette production.
The semi-state company’s latest set of financial results for the 12 months to March 2023 show that the semi-state company reported an increase in revenue to €395 million and pre-tax profits of €116 million.
Donnellan said this was driven by “the accelerated shift into low-carbon activities and the strong performance of Bord na Móna’s renewable energy, recycling and waste businesses”.
Its EBITDA (earnings before interest, taxes, depreciation, and amortization) including the contribution from joint ventures, was €139 million – up from €121 million a year earlier.
Bord na Móna paid dividends of €22.8 million during the year based on the profit delivered in 2022.
It has also detailed in its latest annual report that based on full year results for 2023 results the board of the semi-state company has agreed to approve a higher dividend of €30.3 million for the full year 2024 .
In total it paid dividends to the government of 2023 of €21.7 million and expects to pay a further €28.7 million in full year 2024 based on the latest financial results.
According to Donnellan the financial performance achieved by the semi-state company over the 12 months to March 2023 now places it “in a strong position”.
“It allows us to further invest in and develop our renewable energy and climate solutions business,” he said.
Bord na Móna
In its 2023 annual report Bord na Móna highlights that it restored 5,500ha of “natural peatlands” during the past 12 months.
It said this is part of a broader plan to “rehabilitate up to 33,000ha of peatland” over a 5 year period.
“This is one of the largest ever peatland rehabilitation programmes in the world.
“It will secure, reduce and store millions of tonnes of carbon and help sequester millions more,” semi-state company stated.
To date it has “rehabilitated” 14,000ha as part of its Peatlands Climate Action Scheme.
“This scheme will harness the natural power of peatlands to secure a store of circa 100 million tonnes of carbon in perpetuity, cut emissions, and sequester more in the coming years,” its chief executive outlined in its latest annual report.
Bord na Móna also detailed that last year it made investments of €100 million in renewable energy and recycling infrastructure.
According to the semi-state company’s latest annual report the past year was a period in which it achieved a number of notable firsts – including completion of two large scale windfarm projects concurrently which represented an overall investment of €250 million.
Bord na Móna’s largescale projects in 2023 included Derrinlough and Cloncreen Wind Farms and North Timahoe Solar Farm and phase two of the Oweninny Wind Farm.
It also secured planning permission for its Mount Lucas hydrogen plant – which will be the first green hydrogen plant in Ireland and entered into a partnership with Ocean Winds to develop off shore wind projects.