Pre-tax profits at the Cork-based family owned Kearys Motor Group last year increased by 52.5% to €8.79m.
New accounts show that the group recorded the increase in pre-tax profit after revenues rose by 38% from €166.65m to €230.73m in the 12 months to the end of February, 2022.
The directors for the Keary controlled MRBP Motors Unlimited Company said that they are pleased with the results as trading conditions started to return to normalise following the effects of Covid-19 pandemic
They said that the full year of trading and the business selling a greater mix of higher value cars, "led to an increase in turnover and profitability" on the 2021 financial year.
They said that they "are looking forward to maintaining this improved profitability" and "will continue to explore opportunities for expansion of activity into the future".
As part of the group's continuing expansion strategy, the Competition and Consumer Protection Commission (CCPC) in April of last year cleared the way for the Keary Motor Group acquisition of the Dublin based Renault Retail Group Ireland.
The directors said that in December 2022 the ownership of MRBP Unlimited Company, previously held in trust, was transferred to Brendan Keary, Sinead Keary and Sarah Keary.
Pay to directors last year increased from €793,063 to €1m that included €125,055 for compensation for loss of office.
Numbers employed by the group increased from 284 to 296 last year as staff costs increased from €11.36m to €14.13m.
The group with the bulk of its outlets based in Cork sells a range of brands including BMW, Dacia, Hyundai, Mini, Nissan and Renault.
The firm last year recommended a dividend payout of €100,000.
The directors said that the group's EBITDA last year totalled €11.17m compared to €7.94m in 2021.
The group benefited from 'other operating income’ of €652,314 last year and profits were hit by €444,507 in interest charges.
The group recorded a post tax profit of €7.59m after paying corporation tax of €1.19m.
At the end of February 2022, the group’s shareholder funds totalled €31.37m that included accumulated profits of €23.64m.
The group’s cash funds last year reduced from €5.02m to €3.79m.
Reporting by Gordon Deegan
