The profit represents a 46% increase on 2013 figures. The jump in profit was coupled with an 8% increase in turnover to €298m and profit after tax rising by almost €13m in a year to €38.3m. Coillte’s earnings before interest, taxes, depreciation and amortisation rose by 33.5% to €78.9m.

Coillte is a semi-state company.

Coillte chief executive Fergal Leamy said the 2014 figures represent continued growth for the company as well as a recovery in the building sector.

“2014 saw important progress by Coillte in continuing to recover from the deep recession in the construction markets in the UK and Ireland,” Leamy said.

“Coillte’s core business is forestry and we are encouraged by the strong demand we are seeing globally for the products we produce. We expect this demand to increase in the next few years with stronger demand from construction and growing bioenergy needs,” he added.

Leamy was appointed as CEO of Coillte in March of this year and previously served as special adviser to Minister for Agriculture Simon Coveney.

As well as the strong financial performance in 2014, Coillte also planted 15m trees on approximately 6,200ha of land and sold 2.3m cubic metres of timber.

Currently 11% of Ireland is covered in forestry, with the Government targeting to have 18% of the country in forest by 2050.