BELFAST HARBOUR REPORTS DELIVERY OF £45M OF CAPITAL PROJECTS IN 2024
Annual Report highlights ongoing development of port and estate for the local economy
Belfast Harbour has reported 2024 as a year of ‘progress and perspective’ in its latest Annual Report, which details investment of £44.8m and the completion of several major capital projects.
The release of the Annual Report marks the completion of Belfast Harbour’s previous five-year strategy, ‘A Port for Everyone’, and coincides with the reappointment of Dr Theresa Donaldson as Chair of Belfast Harbour Commissioners.
Schemes delivered during 2024 include the island’s first BREEAM Excellent logistics warehouse and additional upgrades to freight and container facilities, as well as the roll-out of advanced automation and digital infrastructure, including a 5G private network, all boosting port competitiveness and improving services for key customers.
The delivery of the expanded Belfast Harbour Studios was a significant milestone, with the campus now boasting world-leading studio facilities and new virtual production capabilities through Studio Ulster’s cutting-edge technology.
Continuing towards its goal to be the first net-zero port operator on these islands, Belfast Harbour also made significant progress in cutting net carbon emissions during 2024, with a 35% reduction on the previous year.
Progress was also made on the development of Belfast Harbour’s new strategy 2025-29 ‘Advance Regional Prosperity’ which the organisation is now implementing.
As a Trust Port, Belfast Harbour is funded solely by the profits it makes and does not receive public funding. It invests all post-tax profits back into improvements to the port and estate.
In 2024, Belfast Harbour reported turnover of £88.1m, up 6.3% from 2023, while consolidated operating profit rose to £34.8m, up 0.9% year-on-year. Underlying profit before tax was £36.7m, in line with the same level of underlying profit recorded in 2023.
In addition to the £44.8m reported on completed capital projects, a further £119.9m was committed for strategically significant capital and infrastructure projects. This is part of the wider £313m which will be invested by Belfast Harbour between 2025-29, in support of its new strategic plan. This includes the organisation’s largest ever single investment of £90m to develop a new dual-purpose cruise and offshore wind deepwater quay, which recently began construction.
The 2024 annual report showed that port trade remained resilient during the year, despite continued global uncertainty and cautious consumer and business sentiment, with cargo volumes increasing 0.6% to 24.1 million tonnes.
On the Belfast Harbour Estate in 2024, work continued on the first phase of the £3.5m City Quays Gardens, while a number of blue-chip tenants moved into City Quays 3. Planning permission was granted for 256 homes in City Quays 4 and 69 affordable homes in Sailortown, as well as the mixed-use City Quays 5 building. In addition, Belfast Harbour continued to support local communities, providing funding of £315k through community engagement programmes.
Over the course of the last decade Belfast Harbour has self-funded investments of £374m into the port and estate and more than £3m to community and charitable causes. To continue to invest for the benefit of the city and region, Belfast Harbour needs the ability to responsibly borrow more from banks, which requires the Office for National Statistics (ONS) to change the accounting status of NI Trust Ports. In 2024, the Minister for Infrastructure launched a public consultation into the issue.
Chair of Belfast Harbour Commissioners, Dr Theresa Donaldson, said:
“I am delighted to have been reappointed as Chair of Belfast Harbour Commissioners for a second term and to present our 2024 Annual Report. It marks the completion of Belfast Harbour’s last five-year strategy, ‘A Port for Everyone’. We now look to the future and to realising the ambitions of our new strategy, ‘Advance Regional Prosperity’, and to unveiling Belfast Harbour’s truly transformative 2050 Masterplan, which will grow the benefit we bring to Northern Ireland in future years.
“We have a proud track record of delivering for the city and region, but to unlock our full potential, we, along with our colleagues across NI’s Trust Ports, require the ability to prudently borrow more. We are encouraged that the Infrastructure Minister is looking into this constraint and we will continue working with colleagues across the Trust Ports and with officials in the Department for Infrastructure.
“Collaboration is key to achieving shared success, my thanks to our Board, our Executive, and especially our staff and stakeholders – by working together we are ensuring that Belfast Harbour delivers for everyone.”
Chief Executive of Belfast Harbour, Joe O’Neill, said:
“2024, was a strong year for delivery and taking investment decisions, with almost £45m invested and £120m committed to future projects. We expanded port capacity, modernised logistics infrastructure and continued to regenerate the waterfront, while also building our community role.
“It was another record year for roll-on roll-off freight, delivered by partner Stena Line, which rose from 610,000 to 617,000 freight units, while passenger numbers remained steady at 1.7 million and container volumes rose increased to 123,000 container units from 120,000 the year before.
“Cruise tourism continued to provide a boost to the economy, with 145 cruise calls during the year, making Belfast the second busiest UK port for cruise tourism. Cruise tourism is worth an estimated £25m to the local economy each year.
“It was also a solid year financially. This steady performance across the breadth of our operations highlights the resilience of Belfast Harbour’s diverse business and our importance as a key regional gateway that enables vital supply chains and powers economic activity.”
To download the 2024 Annual report, please click HERE
