Pre-tax profits at the company that operates the Poolbeg incinerator in Dublin last year increased by 22% to €41m due mainly to the increase in price of electricity last year.
New accounts show that Dublin Waste To Energy Ltd enjoyed the increase in pre-tax profits as revenues rose by 1% from €115.97m to €117.14m.
The facility – which accepts municipal non hazardous waste generated in the Dublin waste management region -has a licensed capacity to receive up to 690,000 tonnes of waste per annum.
The incinerator uses energy created in the process of burning waste to feed power into the electricity grid and generates enough electricity for up to 110,000 homes.
The directors state that the company has further plans to develop district heating for up to a further 50,000 homes.
The directors state that the company “traded strongly during the year, operating at the capacity permitted for waste incineration with the exception of major maintenance requirements”.
They state that resulting electricity production was in line with expectations.
They added that revenue and resulting profits “are consistent with the company’s internal forecasts, with the increase against results from 2024 primarily reflecting movements in electricity market pricing and waste gate fees over 2025”.
The strong profits enjoyed by the firm last year coincided with the company paying out a dividend of €23.37m – which was down slightly on the dividends of €24.12m paid out in 2024.
In a post balance sheet event a note attached to the accounts shows that as a result of refinancing and a capital re-organisation, the firm paid out combined dividends of €31.89m and €195.46m to its immediate parent this year.
Dublin Waste to Energy Ltd operates a Public Private Partnership (PPP) between Dublin City Council acting on behalf of the four Dublin local authorities and Encyclis in operating the thermal treatment plant.
The facility commenced accepting waste in April 2017 after years of controversy concerning locals’ concerns over the operation of such a facility.
Dublin Waste to Energy Ltd is a subsidiary of Encyclis after it rebranded from Covanta Europe.
The Dublin unit last year recorded operating profits of €48.7m and profits were reduced by interest payments of €9.58m, a loss of €636,838 on retirement of fixed assets offset by other income of €2.43m.
The company last year recorded a post tax profit of €35.24m after incurring a corporation tax charge of €5.77m.
The profit takes account of non-cash depreciation costs of €23m.
In 2025, the plant received 564,466 tonnes of waste compared to 566,762 tonnes in 2024.
The energy exported from the plant decreased marginally from 448,470MWh in 2024 to 446,964MWh in 2025.
At the end of December last, the firm had shareholder funds of €286.3m that included accumulated profits of €152.65m. The firm’s cash funds increased from €35.15m to €38.06m.
Reporting by Gordon Deegan
