Feature, Freight News, Sea

Turnover and profits up, while ro ro breaks records in Belfast

[ July 2, 2024   //   Chris Lewis ]

Belfast Harbour reported rising annual turnover and operating profits in 2023 while expenditure on major capital projects reached a record £65 million.

The trust port reported turnover of £82.9m for 2023, up 7% on its figures for 2022, while earnings were up 4% on the previous year to £46.3m. Underlying profit before tax of £36.7m was also up 7% from 2022.

Despite uncertainty in the global economy during the year, port trade remained steady, with total tonnage through Belfast Harbour 23.9m tonnes, down just 2% on the previous year, in line with its expectations.

However, it was another record year for ro ro freight traffic on Stena Line, which rose 4% to 610,000 units – surpassing the previous record performance from 2022.

Major developments within the Harbour Estate. Construction continued with a new £9m, 50,000sq ft  temperature-controlled logistics warehouse on West Bank Road. It will be the first BREEAM ‘Excellent’ warehouse in NI, and will be occupied by Manfreight.

Chief executive, Joe O’Neill, said:“Despite a challenging economic backdrop, Belfast Harbour delivered another solid financial performance in 2023. This reflected the diversity of the business, the quality of our customers’ activities and the hard work of the Belfast Harbour team.

“We delivered on our promises by maintaining an essential service to everyone in the Region, through the safe, efficient and effective operation of the Port. We completed the 2023 aspects of our extensive range of investment projects on time and we made a real difference to our neighbours through community partnerships and funding.

“Crucially, we gained momentum in terms of our diversification into marine renewable technologies, our property portfolio expansion, our drive to become one of the safest ports in the world and our role as a leader in ESG.  These will continue to be key areas of focus for us in the future.”

Tags: Port of Belfast