Company to pay an additional €8m dividend to the State
Minister for Transport, Tourism & Sport Leo Varadkar has announced that Dublin Port Company will pay an additional dividend of €8 million to the State during 2013, bringing the company’s total dividend to €15 million.
The decision to pay the second special dividend was taken by the Board at its meeting of 1st July 2013 and followed on from a request from the shareholders at the Company’s Annual General Meeting that it consider making an additional contribution in line with requests made generally of the State commercial sector.
Responding to this announcement, Minister for Transport, Tourism and Sport Leo Varadkar said: “I am delighted that Dublin Port is in a position to make this special additional dividend of €8 million, on top of the normal dividend payments of €7 million already made this year.
“As part of the National Ports Policy which I launched earlier this year, all of our State commercial port companies were asked to set up a clear dividend policy. Arising from this, Dublin Port has set out to the Department its dividend policy for the coming years. Today’s special dividend payment forms part of that. In future years, Dublin Port has committed to making a dividend payment of 30% of distributable profits.
“The fact that Dublin Port is capable of making such a significant return to the Exchequer is testament to the Board, management and employees of this vitally important State asset and I thank the Company for this special dividend contribution.”
Lucy McCaffrey, the Company’s Chairperson said: “I am delighted that it is possible this year for Dublin Port Company to be in a position to look after the interests of our shareholder to the extent that we have. The decision to declare the additional €8 million special dividend was taken after consideration of the other calls on the Port’s cash, particularly our need to invest for the future. Dublin Port Company is profitable and has a relatively low debt burden and remains in a position in the coming years to fund major infrastructural investment. Our commitment to our shareholder and to investing for the future parallels our ongoing commitment to control and reduce expenditure and keep Dublin Port competitively priced for our customers.”