The drop in profits at Irving Oil Whitegate Holdings Ltd followed revenues decreasing by 18pc from $3.27bn to $2.68bn.<\/p>\n
The directors say refining margins in Europe were strong in the first half of the year but declined in the second half.<\/p>\n
They say \u201cevolving international trade policies, political instability and other global events continue to drive volatility in commodity markets\u201d.<\/p>\n
The group\u2019s cost of sales reduced from $3.09bn to $2.67bn.<\/p>\n
Numbers employed increased from 235 to 262 in 2024 as staff costs rose from $36.4m to $39.34m.<\/p>\n
The group recorded a gross income of $19.39m in 2024 which was down 89pc on the gross income of $176.7m in 2023.<\/p>\n
Non-cash depreciation and amortisation costs of $19.66m further reduced the group\u2019s profits.<\/p>\n
The firm recorded an operating profit of $599,000 and finance income of $9.9m to result in the pre-tax profit of $10.52m.<\/p>\n
Whitegate, which opened in 1959, can process up to 75,000 barrels of oil a day and plays a critical role in the country\u2019s energy infrastructure, supplying 40pc of the petroleum needs of the country.<\/p>\n
In a note concerning a gas oil leak, the directors state on January 22, 2024, a leak was discovered on the gasoline line at the refinery, resulting from a damaged gasket.<\/p>\n
The note says: \u201cThe vast majority of the released product has been recovered.<\/p>\n
\u201cAny unrecovered product is located onsite at the refinery\u2026 the impact on the surrounding environment is minimal and there is not a significant financial impact.\u201d<\/p>\n
<\/p>\n
Whitegate Oil Refinery in Cork<\/p>\n
Today’s News in 90 – Tuesday, December 2 <\/p>\n
Key management personnel received $2.98m while directors shared $653,000, made up of pay of $466,000, long-term incentive scheme payments of $111,000 and pension contributions of $76,000.<\/p>\n
The firm\u2019s accumulated profits totalled $286.6m while shareholder funds totalled $321.67m.<\/p>\n
Irving Oil also operates the separate Tedcastle group of companies it acquired in 2019.<\/p>\n
Separate consolidated accounts for that business, Hillingdon Investment Co, show that pre-tax profits declined by 14pc to $8.22m.<\/p>\n
The profits take account of a revaluation loss of $7.5m.<\/p>\n
The drop in profits follows revenues dipping only marginally from $1.91bn to $1.9bn. Numbers employed declined by 30 to 436.<\/p>\n","protected":false},"excerpt":{"rendered":"The drop in profits at Irving Oil Whitegate Holdings Ltd followed revenues decreasing by 18pc from $3.27bn to…\n","protected":false},"author":2,"featured_media":171282,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60,898],"class_list":{"0":"post-171281","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-ie","10":"tag-ireland","11":"tag-latest-news-ticker"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/171281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=171281"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/171281\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/171282"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=171281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=171281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=171281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}