Fourth Dept of Transport company to pay dividend in last 12 months
Galway Harbour Company has agreed to pay a dividend for the first time in its history, in a move which has been welcomed by Minister for Transport, Tourism & Sport Leo Varadkar.
The company is the fourth under the Department of Transport, Tourism & Sport to pay a dividend since Minister Varadkar was appointed.
“This is a very welcome move by Galway Harbour Company, which has agreed to pay a dividend of €30,000 for the 2012 financial year. This is the first time that Galway Harbour Company has paid any dividend.
“It is my intention that all profitable State companies should pay a dividend, and Galway is the third port company to do so since the election. It follows dividend payments from Dublin Port Company and the Port of Cork, and the first ever dividend payment from Aer Lingus since privatisation.
“I am glad that the Galway Harbour Company is at the forefront of the sector in this regard. I have also asked the Irish Aviation Authority to do likewise.
“I attach particular importance to the payment of dividends by commercial State enterprises. Dividend payments act as a useful benchmark for financial performance, and also serve to remind all involved that the State is a full shareholder. Like any shareholder, the State therefore expects to see a return on its assets.
“Furthermore, in these difficult times, it is important for the State to seek to utilise a wide range of revenue sources.”
Galway Harbour Company Eamon Bradshaw Chief Executive said: ‘While Galway Harbour Company is committed to significant cost outlay in 2012 due to the planning application to An Bord Pleanála for the new Port of Galway, the board was unanimous in its view that a dividend should issue in relation to the 2012 financial year. It is the first time a dividend has been paid by Galway Harbour Company and, as a board, we are proud to be one of the first State companies, reporting to Minister Varadkar, which has issued a dividend’.
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Department of Transport, Tourism and Sport Press Office. Tel: 01 604 1090/01 604 1087