Port of Waterford provides Business Update & Appoints new CEO

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This week, the Port of Waterford has announced details of its trading activity for 2021 and for the first six months of 2022 and names its CEO.

The financial statements for 2021 have recently been laid before the Oireachtas and are now available on the company website, reporting operating profits for the financial year of €1.1 million, up from the €0.7 million recorded in 2020. Turnover was €7.7m (2020: €7.2m) and shareholder’s funds ended the year at €34m.

Bulk throughput in 2021 came in at 1.7 million tonnes, an 11% increase on 2020, while containers handled remained broadly in line with 2020.

Activity for the first half of 2022 demonstrates that the business is again showing positive momentum in 2022 with bulk handling ahead of 2021 by over 12% at the half year and laden container throughput up 5% on last year.

Commenting on the business performance, Frank Ronan, Chief Executive, said: “The Port performed well in 2021 despite the many challenges we all faced in that year. We have seen further recovery in the 1st half of 2022 in our parking income, continued growth in bulk and container volumes and an overall step up in developmental activity. However, as in other areas of the economy, we too are experiencing significant cost pressures and volatility in some throughputs as we move into the second half of the year. The company is very well placed to handle a significant level of onshore renewable wind projects in the coming years and well positioned to support the offshore industry as it gears up for major investment later this decade.”

Commenting on cruise tourism, Frank welcomes the return of Cruise Ships visiting Waterford Harbour this summer, stating, “We are delighted to be working with the local Cruise Co-operative and Dunmore East Fishery Harbour again to deliver business for our region’s tourism and hospitality operators. The return of these visitors is particularly welcome following on from what has been a really difficult time for this sector.”

Meanwhile, David Sinnott (pictured) originally from Wexford, working in Germany for the last ten years for Carl Zeiss Vision International GmbH, where he held the role of Vice President of Product Management, is to leave his position there to return to the Southeast to take up the role of CEO at the Port of Waterford Company following the completion of Frank Ronan’s term at the end of September.

Prior to David’s time in Product Management at Carl Zeiss Vision he served in several positions for the company in supply chain management. Starting out in materials management at their former manufacturing facility in Wexford, David then spent time as Director of European Supply Chain, before taking a role as Director of Business Integration.  David Sinnott is from Wexford town and was President of Wexford Chamber of Commerce in 2002 and 2003.

Commenting on the appointment Chairman of the Port of Waterford Des Whelan said: “The board of directors and I look forward to welcoming David Sinnott to Port of Waterford. The board are confident that David will continue to build on the progress of the port in recent years. David has the relevant experience and skills to provide strong stewardship at the Port and we wish him every success. The board and I would also like to take this opportunity to thank Frank Ronan for his excellent work at Port of Waterford over the last seven years and we wish him the very best for the future.”