Saturday 1 October 2016

Corrib Oil sees sales jump as prices fall

Gordon Deegan

Published 20/05/2016 | 02:30

Corrib Oil: sales helped with the steep fall in oil prices. Photo: Reuters
Corrib Oil: sales helped with the steep fall in oil prices. Photo: Reuters

Corrib Oil last year enjoyed an increase in sales helped by the steep fall in oil prices.

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That's according to the ceo of the Galway based group, Eugene Dalton, who was commenting on new accounts showing that pre-tax profits at the group behind the Corrib Oil brand fell by 29pc to €550,299 in 2014.

New accounts filed by Ballinasmalla Holdings Ltd show that revenues increased from €244.38m to €250.84m in the 12 months to the end of December 2014. Mr Dalton said yesterday that "2014 was a satisfactory year with the business environment for oil distribution and forecourt retailing starting to recovery.

"This recovery was more pronounced in 2015 with an increase in sales volumes helped with the steep fall in oil prices.

He said: "Underlying consumer confidence is improving and convenience retailing is continuing to grow. The group currently operates 16 high-end stores and hope to add another three over the next 9 months."

Numbers employed by the group rose from 423 to 452 and staff costs in 2014 increased from €11m to €12m.

Four directors serve and directors' remuneration increased from €245,414 to €281,539 in 2014. The firm's profits last year takes account of non-cash depreciation costs of €2.4m.

Irish Independent

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