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The Jersey Development Company paid £2m in cash into the public purse last year - its largest ever dividend and the first since 2015.
The publicly-owned developer's annual accounts were presented to the States Assembly yesterday - the same day that it released ambitious plans for the Waterfront.
These plans include a ‘National Art Gallery’, amphitheatre, park, indoor and outdoor pools, boardwalk pier, 1,000+ units of accommodation and a bridge over Route de La Libération.
The increased dividend comes at a time when the Government is looking to improve the relationship between the incorporated company and its shareholder.
Pictured: The new vision for the Waterfront unveiled yesterday.
The Treasury Minister, who has political oversight of JDC, has also come under fire in the States Assembly over the appointment of the company’s Board of Directors.
The latest accounts reveal that, in addition to the £2m cash dividend, JDC transferred £3m of assets transferred to the government in the form of Liberation Station, and ringfenced £5m of profit from the sale of flats at College Gardens for public infrastructure projects.
Although profit was down slightly in 2019, debt also dropped from a peak of £55m to £12m at the end of last year, following the sale of the two International Finance Centre (IFC) blocks and the former JCG site.
Pictured: JDC transferred £3m of assets in the form of Liberation Station.
In the report, outgoing chair Nicola Palios said: “In the past some observers have understandably had concerns about both the demand for the buildings being developed by the company and the company’s ability to deliver them in a risk free and profitable manner.
“With the company now having completed and sold its first three developments at IFC1, IFC5 and College Gardens, we have demonstrated demand and that we can deliver high quality buildings and public realm in an efficient and profitable manner.”
Pictured top: The JDC's plans for a third IFC building.
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