Coillte had earnings of €106m and an operating profit of €6m in 2023, down from 2022 but still the fourth best performance in the company’s history.
The company paid the state a dividend of nearly €18m, comprised of amounts for 2022 and 2023.
Coillte employs 800 people and 1,200 contractors, managing 440,000 hectares of land in Ireland.
Coillte is progressing its plans for renewable energy and reforestation, playing a role in helping Ireland achieve its climate action targets.
Coillte’s new chairperson Vivienne Jupp said Coillte’s forestry strategic vision is playing an important role in helping Ireland achieve its climate action targets. We’re making good progress on our future forest vision to 2050 that will see us support the creation of new forests, manage existing forests for greater carbon capture, enable the delivery of renewable energy on the estate and ensure the supply of sustainable wood to build low carbon homes.This vision also sees us enhancing biodiversity and creating more recreational spaces for the enjoyment of Ireland’s citizens and tourists.
Coillte chief executive Imelda Hurley said: “Coillte delivered a solid financial performance in 2023 despite the business facing significant headwinds. “During the year we experienced volatile market conditions which impacted end-market demand for our products and resulted in significantly lower prices. “Sawlog and panel products are globally traded commodities which are closely linked to the construction sector, with the result that Irish pricing reflects the impact of global demand and supply dynamics.“
