Business Irish

Sunday 20 October 2019

Dividend payout doubles at G-Mac firm but profits slide

Swing: Profits have fallen at Graeme McDowell’s firm. Photo: AP
Swing: Profits have fallen at Graeme McDowell’s firm. Photo: AP

Gordon Deegan

Post-tax profits at golfer Graeme McDowell's Boyport firm last year fell by 43pc to $1.673m (€1.53m).

New accounts filed by Boyport Services Ltd show that in spite of the drop in profits, Mr McDowell doubled his dividend payout of $1.4m in 2017 to $2.875m last year.

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The company has paid out dividends of $5.97m over the past three years.

The payout for last year contributed to the 40-year-old's firm's accumulated profits declining by $1.2m to $16.22m at the end of December last.

Boyport made profits of $2.95m in 2017.

At the beginning of September, a holiday home in the Bahamas owned by the 2010 US Open winner was flattened by Hurricane Dorian.

Portrush native Mr McDowell owns a residence on the Abaco Golf Club estate on the island of Great Abaco.

A note attached to the accounts stated that on September 2 last, the company's investment property was impacted by the hurricane.

The note stated: "The extent of the damage has yet to be assessed.

"The company holds insurance cover and the extent to which this cover[s] the damage is being assessed."

The accounts for Boyport Services show that the book value of the company's investments last year increased to $7.9m from $6.64m. In 2018, the book value of the firm's tangible assets increased to $6.85m from $6.79m.

The company's cash pile during the year decreased sharply, to $777,897 from $3.29m.

In 2018, Mr McDowell's US PGA earnings totalled $581,024.

Mr McDowell has invested off the golf course and has opened two restaurants in Florida, where he lives.

In early 2013, Mr McDowell opened the upscale restaurant and sports bar, the Nona Blue Modern Tavern, outside Lake Nona in Orlando.

In 2016, the golfer opened a second restaurant, also called Nona Blue, in Ponte Vedra Beach.

Mr McDowell has won 10 events on the European Tour and four on the PGA Tour.

Irish Independent

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