The increase in profits at the retail arm of the Garvey group of Supervalu outlets and hotels has more than offset the losses at the group's hotels this year.
That is according to directors for the family-owned Commidare Holdings, which show that pre-tax profits at the Kerry-based group increased by 36.5% to €5.14m last year.
New accounts filed by Commidare Holdings show that revenues increased by 6%, from €124.89m to €132.55m, in the 53 weeks to the end of January 9th 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.
In their report, the directors state that Covid-19 has not had a material effect on the group’s operations.
On the performance of the business in the current year, the group’s two hotels were shut from January to June 2021 and "revenue booking streams look strong for both properties for the remainder of 2021".
They state: "In the same period, the supermarkets continued to experience strong trading performance through increased activity, profit and cash generation".
The directors add that "results to date have shown that the retail side of the business has increased profits and the negative financial impact on the leisure side of the business has been contained and reduced on prior year levels.
They state that the increase in profits generated by retail has more than made offset the losses of the leisure based business
The directors state that the increase in profit generated by retail has more than offset the losses attributable to lesser business to date this year.
The group is one of the largest privately-owned firms in Munster and numbers employed reduced from 741 to 726 and staff costs last year totalled €16.8m. Pay to directors totalled €631,713.
The group last year received €682,255 in Government Covid-19 supports, which includes €595,122 in wage subsidy scheme payments.
The group last year proposed dividend payments of €336,590 and this followed dividends of €288,506.
Shareholder funds on January 9th this year totalled €30.17m that included accumulated profits of €29.8m.and cash funds of €7.1m.
The directors state that the group funded the purchase of a convenience store at Adare in January of this year from cash reserves.
The profit last year takes account of non-cash depreciation costs of €3.79m.