The Belgian-owned company operates an incinerator at Duleek, Co Meath, that produces enough electricity each year to power the equivalent of Drogheda and Navan combined.
It is also continuing with plans to establish an incinerator at Ringaskiddy in Co Cork and lodged new information on the proposal with An Coimisiún Pleanála (ACP) at the end of August.
New accounts filed by Indaver Ireland Ltd show revenues rose by 22pc from €140.98m to €171.44m last year. The company paid out a dividend of €22.5m, which followed a dividend of €28m in 2023.
The directors state the profit from operating activities decreased to €22.5m mainly due to a changed engagement mix, particularly in respect of a large site-remediation customer project operating at lower margins in 2024.
Increased revenue was primarily driven by the volume of waste treatment and power generation compared to the prior year. Electricity prices were largely unchanged year on year.
The directors say the company invests in Irish infrastructure to make the island self-sufficient in waste processing.
This is needed as the population grows, and capacity constraints increase at domestic landfills and European outlets.
The firm recorded post-tax profits of €19.7m after incurring a corporation tax charge of €3.57m.
Indaver secured planning permission for a €160m incinerator for Ringaskiddy in 2018, a plant that has the capacity to treat up to 240,000 tonnes of waste a year.
However, that permission was challenged in the High Court by a local environmental group and the Supreme Court in September 2022 upheld a ruling that the application can be sent back to ACP for fresh consideration.
It remains before the appeals board.
On August 29 last, Indaver submitted a response to a request for further information from ACP that was issued in June 2024.
The Ringaskiddy facility is to generate energy which can be converted to electricity to power up to 30,000 homes or used in a district heating system to provide low carbon heat.
Last year’s profit takes account of non-cash depreciation, amortisation and impairment costs of €14.5m. The numbers employed increased from 232 to 248 as staff costs rose from €16.9m to €19.08m. Directors’ pay last year increased from €422,370 to €496,436.
At the end of December the firm had shareholder funds of €107.8m which included accumulated profits of €20.64m.
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