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Losses at Godolphin stud and farm decline by 49pc to €4.23m in 2021

The stable has five farms in County Kildare, one in County Meath and two in County Tipperary

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Stud Director Jimmy Hyland with a foal at Kildangan Stud, Co Kildare, Godolphin Ireland’s headquarters. Photo: Alf Harvey/File Image

Stud Director Jimmy Hyland with a foal at Kildangan Stud, Co Kildare, Godolphin Ireland’s headquarters. Photo: Alf Harvey/File Image

Stud Director Jimmy Hyland with a foal at Kildangan Stud, Co Kildare, Godolphin Ireland’s headquarters. Photo: Alf Harvey/File Image

Losses at Sheikh Mohammed bin Rashid Al Maktoum's thoroughbred horse racing stable Godolphin last year almost halved to €4.23m.

The 49pc reduction in losses at the stud operation came as revenues at Godolphin Ireland Ltd increased by 14pc from €27.29m to €31.1m in the 12 months to the end of December last.

The directors state that the revenue increase is due to the improved stallion roster in 2021 and the introduction of new stallions in 2021 such as Earthlight and Ghaiyyath.

This contributed to Godolphin Ireland Ltd’s ‘nomination income’ increasing from €17.56m to €23.27m last year.

Godolphin's operation in Ireland comprises of five farms in County Kildare, one in County Meath and two in County Tipperary and numbers employed by Godolphin last year totalled 225 that include 190 stud and farm employees.

The HQ for the operation here is Kildangan Stud, just outside Kildare town.

Kildangan itself is home to the Irish-based Darley stallions and the farm extends to almost 1,500 acres with combined accommodation for more than 400 horses.

Ruler of Dubai and vice-president of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, is one of the world’s richest leaders and is one of the most famous names in the world of horse racing.

Losses at Godolphin Ireland Ltd in 2021 follows losses of €8.36m in 2020 and €10.77m in 2019.

A major contributor to the losses was the high operating lease rentals of €12.38m in 2021 and €11.88m in 2020.

Staff costs totalled €13m while pay to directors reduced from €931,851 to €719,412.

The principal activity of the group is that of stud, arable and livestock farming and the directors state that the business has had limited exposure to the Covid-19 pandemic.

Along with the nomination income of €23.27m, Godolphin Ireland recorded ‘keep fees’ income of €6.53m, farm income of €524,627, breeding rights of €675,000 and leasing income of €109,212.

The loss takes account of non-cash depreciation costs of €2.44m.

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The loss last year resulted in Godolphin Ireland having accumulated losses of €185m at the end of last year and a shareholders’ deficit of €153.45m.

The directors state that Godolphin Ireland has received written confirmation of continued support from a group company, Reliance Holdings Ltd and that it will settle all third party liabilities.

At the end of December last, Godolphin Ireland owed €48.8m to Reliance Holdings Ltd and owed another €74m to another connected company, Agroyo Ltd.


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