Ireland’s premier electricity utility ESB have reported after-tax profit rose by €80 million last year as the company cut back on staff costs and increased its revenue.

In its annual report published this morning, ESB said profit rose to €415 million as its payroll costs fell by €51 million. The firm recorded €250 million in recurring annual savings achieved since 2010, with a target of €280 million.

The Irish exchequer received a total of €258 million in dividend payments, including an interim dividend of €68.4million and a special dividend of €161 million in January 2014 from the proceeds of overseas generation assets in 2013.

The company invested €825 million over the year in capital projects, with more than €650 million poured into Irish infrastructure, and other funds invested in wind energy farms in the UK and Ireland, and a high efficiency gas plant near Manchester.

ESB said the firm directly contributed more than €2 billion to the Irish economy through dividends, investments, taxes and jobs. About 7,500 people are employed with the company directly, with other jobs supported through contracts and service providers.

“Despite difficult economic conditions and increasing competition, these results reflect a very solid performance across the group. ESB has protected its financial strength, which allows us to continue to fund critical energy infrastructure projects, compete effectively against international players and grow our business in the integrated GB/Ireland market,” said chairman Lochlann Quinn. “ESB continues to play an important role in the Irish economy and deliver benefits to its stakeholders.”