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Home / News / Coillte reports operating profit of €61m last year

Coillte reports operating profit of €61m last year

Coillte had earnings of €106m in 2023 and an operating profit of €61m, according to the semi-state forestry company’s annual report.

Both figures were down substantially on 2022 but the financial performance was still the fourth best for Coillte in its 35-year history.

Last year, the company also paid the state a dividend of nearly €18m, comprised of €7.7m for 2022 and €10m for 2023.

Coillte employs 800 people and around 1,200 contractors across the country. It manages 440,000 hectares or 7% of total land in Ireland.

Coillte chief executive Imelda Hurley said: “Coillte delivered a solid financial performance in 2023 despite the business facing significant headwinds.

“During the year we experienced volatile market conditions which impacted end-market demand for our products and resulted in significantly lower prices.

“Sawlog and panel products are globally traded commodities which are closely linked to the construction sector, with the result that Irish pricing reflects the impact of global demand and supply dynamics.”

Last year, the company also progressed its plans to develop one gigawatt of renewable energy by 2030 by advancing €18m of shareholder loans to facilitate the ongoing development of the wind-energy portfolio of FuturEnergy Ireland, its joint venture with the ESB.

FuturEnergy Ireland achieved a major milestone during the year with its first developed wind farm project exporting renewable energy to the grid.

Around 8,000 hectares of land were also reforested with circa 18 million trees.

“Coillte’s forestry strategic vision is playing an important role in helping Ireland achieve its climate action targets,” said Coillte’s new chairperson Vivienne Jupp.

“We’re making good progress on our future forest vision to 2050 that will see us support the creation of new forests, manage existing forests for greater carbon capture, enable the delivery of renewable energy on the estate and ensure the supply of sustainable wood to build low carbon homes.

“This vision also sees us enhancing biodiversity and creating more recreational spaces for the enjoyment of Ireland’s citizens and tourists,” she added.

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