Garvey Group's grocery & hotels profits hit €5m
Pre-tax profits at the Garvey group of SuperValu and hotels last year soared to €5m.
New accounts filed by Commidare Holdings Ltd show that the Co Kerry business group enjoyed the 176pc increase in pre-tax profits after revenues increased by 3.5pc from €117.54m to €121m in the 12 months to the end of January 6 this year.
The business started as a corner shop in Dingle and it today comprises nine SuperValu stores across the southwest along with two hotels in Dingle.
The group is one of the largest privately owned firms in Munster and today employs 774.
Profits at the company were helped by an increase of €1.2m in value of the company's quoted investments.
The accounts also disclose that since year end, Tomás Garvey has sold property assets to the group for €1.965m.
The group last year paid out a dividend of €300,000 and this followed a dividend pay-out of €200,000 in 2016.
Its operating profit last year increased by 18pc from €3.65m to €4.15m.
The group's pre-tax profit take account of finance costs of €360,722.
The group paid corporation tax of €733,379 resulting in a post-tax profit of €4.29m.
On January 6 last, the group had shareholder funds totalling €22.1m that included accumulated profits of €21.8m. The group's cash pile increased from €4.8m to €6.33m.
The group's operating profit last year takes account of non-cash depreciation costs of €2.3m and non-cash amortisation costs of €1.62m.
The group continued its expansion last year as it incurred €2.4m in acquiring tangible fixed assets and this followed a spend of €9.6m under the same heading in 2016.
Staff costs at the group last year increased from €15.46m to €16.32m. Numbers employed increased marginally from 767 to 774. Directors' remuneration last year increased from €634,427 to €640,155. The group's loans last year reduced from €33m to €30.2m.