Belfast Harbour profits climb in 175th year across diverse portfolio

Belfast Harbour, the body which operates the city’s ports and much of the land around the waterfront, has seen its profits head higher in its 175 ^th year.

It made pretax profits of £34.3 million in 2022, up around 1% on the year, as its diverse portfolio of income streams – which include everything from port traffic to office development to the provision of film studios – put in another strong performance.

Roll-on roll-off freight notched up 600,000 freight units, matching its record performance in 2021, while ferry passenger numbers climbed 22% to 1.8 million people and passenger cars were up 12% to a record high of 462,000 on the year with the lifting of Covid-19 restrictions offering a boost.

Port trade eased back by around 4%, holding strong despite the global economic uncertainty at 24.5 million tonnes, the second highest on record after 2021.

Meanwhile, the popularity of Belfast as a cruise ship destination continued to recover in the wake of the pandemic with 141 ships calling at Belfast Harbour during 2022. The harbour’s office development also continued apace with the completion of City Quays 3 and Olympic House, as well as the construction of Hamilton Road, a new Titanic Quarter link road between Queen’s Road and Sydenham Road.

Belfast Harbour is continuing to invest in its film production capabilities with the commencement of the expansion of Belfast Harbour Studios and its partnership with Ulster University and NI Screen to develop virtual production facility Studio Ulster.

Dr Theresa Donaldson, Chair of Belfast Harbour, said much had been achieved during the year.

“2022 was a landmark year for Belfast Harbour as we celebrated the 175th anniversary of the Belfast Harbour Commissioners,” she said. “The strong results achieved during the year demonstrate the resilience and effectiveness of our Trust Port model, which enables us to reinvest our profits back into the development of our Port and Estate.

“Leveraging the diversity of our portfolio and our invaluable partnerships with our tenants, stakeholders and customers, Belfast Harbour is well on track to deliver its strategic ambitions to sustainably grow as a socially responsible port and as a key economic hub that delivers tangible social impact to the city and beyond.”