The ESB group has seen a trebling in its after-tax profits over the first half of the year.

In its latest interim results, the semi-state body reported a profit after tax of €390m for the first six months of the year.

That is more than three times the €128m it reported in the same period last year.

The company said the profits provide the basis for continued strong investment in energy infrastructure.

The ESB operation at Poolbeg in Dublin, 23/8/2001. Image: RollingNews

It comes just over a month after the group’s retail division Electric Ireland announced further electricity and gas price hikes for homeowners.

From October 1st the company is raising residential electricity bills by 26.7% and residential gas bills by 37.5%

It is the utility's third price increase this year, following similar price rises in August and May.

It said the latest hikes are due to “unprecedented increases in international energy market prices and their impact on wholesale gas prices”.

ESB financial results. Image: ESB

In all, the ESB Group recorded revenue and other operating income of €3.68bn – up from €2.15bn in the same period last year.

The group reported an operating profit before exceptional items of €357m – a decline of €6m on last year.

That was offset by higher margins in the group’s energy generation business which it said reflected “increasing wholesale market prices”.

It said it is required to operate its energy generation and supply businesses separately, meaning “increased profits from ESB’s generation business cannot be used to offset costs incurred by Electric Ireland.”

ESB Chief Financial Officer Geraldine Heavy said the profits will provide the “basis for continued strong investment in energy infrastructure to decarbonise electricity, improve resilience and empower customers in line with our 2040 Net Zero Strategy”.