One of the biggest waste contractors in the nation, Oxigen, saw a 29% increase in pre-tax profits this year to €3.52 million.
According to updated financial statements for Oxigen Environmental ULC, the company saw a rise in pre-tax profits as revenues increased by 14% to €37.72 million in the year that ended on April 3 of this year.
The directors indicate in the financial statements that they are pleased with the company’s performance, despite the fact that the year also saw the beginning of significant increases in some operating costs, such as diesel.
Established in 1987 by Sean Doyle, the business this year recorded an operating profit of €3.76 million and interest payments of €238,224 were paid out.
The firm recorded post tax profits of €3 million after paying out corporation tax of €528,247.
The company’s primary business is still the provision of integrated waste management services to the residential and commercial sectors, which also includes the processing of recycled goods and waste collection and disposal.
A note attached to the accounts states that the company did not participate in any Government support scheme, Temporary Wage Support Scheme (TWSS), Employment Wage Support Scheme (EWSS) during the course of the pandemic.
Staff costs last year increased from €9.6 million to €10.63 million as numbers employed rose from 254 to 267.
The profit last year takes into account non-cash depreciation costs of €1.8 million.
From €4.5 million in April 2021 to €407,477 at the end of April 3rd this year, the amount owed to Mr. Doyle by the company decreased.