The Whittakers, who include Isle of Man-based company chairman John Whittaker, 82, saw their earnings increase despite a fall in profits in the past financial year.
Peel Ports Clydeport – part of the Whittaker owned Peel Group – operates 450 square miles of docks, shipyards and waterways in the west of Scotland including the Port of Greenock, Inchgreen Marine Park and Greenock Ocean Terminal.
The latest accounts filed at Companies House show the Whittakers shared a massive dividend pot of £153.9m with other shareholders,in the financial year to March 31, 2024 – up from £138.9m the previous year.
Companies House records also reveal a proposed final dividend of £74.5m, an increase from £64.5m.
The lucrative dividend payment award is despite pre-tax profits at Peel Ports falling from £397.3m to £141.6m last year.
Turnover also decreased slightly from £696.3m to £693.7m in the same period.
The drop in turnover was blamed on lower revenue in the company’s shipping division linked to the war in Ukraine, which offset growth in the ports sector.
However, group operating profit grew by 5.1 percent from £228.1m to £239.8m.
Liverpool-based Peel Ports also operate in Glasgow, London, Manchester and Dublin. Its largest shareholder is the Peel Group, owned by the Whittaker family.
They hold a 68 percent stake in the Peel Group, which in turn owns 37.6 percent of Peel Ports.
Peel Ports is also the UK’s second largest port operator.
During the last 12 months, the group employed 1,259 people, and staff costs increased from £79.6m to £84.8m.
The accounts also show that Peel Ports spent £208.5m on building projects, up from £135.2m in 2022/23.
This includes a multi-million pound investment in new ship-to-shore cranes at Port of Greenock and an upgrade of facilities at Greenock’s Inchgreen.
Peel Ports has previously announced plans to invest £150 million into improvements at the Hunterston Terminal in Fairlie.
According to The Sunday Times Rich List in 2019, father-of-four John Whittaker was then worth £1.95 billion.
A Peel Ports Group spokesperson said: “As a major port operator focused on long-term sustainable growth, every year we re-invest a significant proportion of earnings back into the business to enhance our operational capability and support future growth.
“This investment supports the regional economies in which we operate whilst opening new trade opportunities for UK businesses, creating high quality jobs and driving forward our carbon neutral agenda.”
The Clyde Port Authority, renamed Clydeport, was privatised by the UK Government in 1992, and acquired by Peel Ports in 2003.
Last month, there was growing opposition to plans by Peel Ports to charge leisure boat owners an annual levy of up to £100 to sail on the Clyde.
The proposal would apply to all boats from six metres to 24 moored or berthed on areas of the Clyde managed by the company.
Greenock and Inverclyde MSP Stuart McMillan renewed his calls for Peel Ports to ditch the plans in the light of their company accounts.
He said: “During dialogue with leisure boaters and boating organisations about Peel Ports Clydeport’s plans to introduce a conservancy fee for the Clyde, the port authority’s profits have been discussed.
“The fact that shareholders are receiving greater dividends despite a slight slump in profits is exactly why many boaters are so angry about this proposal – and why many feel it is a cash grab.”