Galway company records €4.9 million revenue but profits drop by 17%
Despite the downturn, the company finished the year with cash reserves of nearly €2.2 million and government bonds worth just over €7.2 million
Galway Harbour Company recorded a 17% drop in pre-tax profits last year as a result of a collapse in revenue from onshore wind energy shipments, according to accounts filed this week by the commercial semi-state company.
Income from car parking accounted for almost one-third of the company’s €4.9 million revenue during 2025, while property rental income accounted for a further 15%.
The 12% decrease in turnover was largely attributable to a fall in revenue from wind turbine cargo at the port, which slumped from €814,000 in 2024 to just €45,000 last year.
The company, which has been owned by Galway City Council since 2021, reported pre-tax profits of just over €1.4 million in 2025, compared to €1.7 million during the previous year.
Despite the downturn in shipping volumes, Galway Harbour Company finished the year with cash reserves of nearly €2.2 million and government bonds worth just over €7.2 million.
It had tangible assets worth €9.7 million on its balance sheet, along with investment properties valued at nearly €28.2 million. It cleared the remaining €182,881 from a loan facility taken out in 2012 to acquire a harbour building.
Accumulated profits increased from €32.7 million to almost €33.5 million, while overall net assets rose to €42.5 million from nearly €41.8 million.
The latest accounts coincide with significant leadership change at the Docks, as long-serving chief executive Conor O’Dowd concluded his term after seven years at the helm, completing his ex-officio directorship in November.
He received remuneration of €127,679 during the year, including €9,528 in pension contributions, up from €114,788 in 2024.
The directors’ report noted that the post remains vacant following Mr O’Dowd’s departure, and they said approval was being sought for a revised CEO remuneration package and contract extension.
Board members were paid fees totalling €34,650, including €9,450 to chairman Maurice O’Gorman.
Staffing across administration and marine operations remained unchanged at 14 employees, with total wage and personnel costs increasing from €1.32 million to €1.4 million.
The directors warned that principal risks facing the harbour include “the timely delivery of the port extension project, exposure to cyclical sectors, including renewable energy, competition from other ports”, and navigational infrastructure constraints.
Mr O’Gorman noted that over a decade had elapsed since the planning application for the major port extension was lodged in 2014, adding that the board remained hopeful of a final planning determination in 2026.
The company considers the project critical to overcoming shallow-draft limits that restrict larger commercial vessels from docking.
To offset the volatile turbine market, the harbour initiated commercial log shipments to Germany and Sweden in late 2025, while cruise calls remained resilient with 19 liners visiting Galway Bay and 22 scheduled for 2026.