Maxol profits jumped 11pc last year due to cold snap
MCMULLAN Brothers, a family-owned energy company that trades under the Maxol brand, said profits jumped 11pc last year as the company trimmed costs and the exceptionally cold winter forced customers to use more heating oil.
The IFSC-based holding company, which belongs to Noel, Malcolm and Maxwell McMullan, said pre-tax profit soared to €7.7m last year from €6.9m the previous year.
Sales rose 19pc to €638m as service stations were refurbished and last December's exceptionally cold weather led homeowners to stock up on heating oil.
The Irish-owned company was founded by William McMullan in 1920 and has a network of 214 service stations and 45 authorised distributors. One of the largest family- run companies in the State, the three directors are all grandchildren of the founder.
McMullan Brothers spent €10m on redeveloping sites in Down and Cork last year. It also added new sites to its network. Recent investment in computer systems helped reduce costs by €1m, the company added. Costs would be reduced again this year, it forecasted.
The holding company, which also includes profits from distribution companies dotted across Ireland, said profit after tax and exceptional items slid to €5m last year from €7.7m.
Volumes and margins were broadly stable but sales of food, sweets and other products fell "slightly" due to the weak economy.
"Difficult economic conditions prevailed again in 2010," the company said.