Profits at the company that manages businessman, Denis O'Brien’s Quinta do Lago golf resort in the Algarve last year almost tripled to €4.6 million.
Accounts for UK registered Algarve Golf Courses Ltd, show that a subsidiary that manages the complex in Portugal – Sociedade do Golfe da Quinta do Lago SA – made the £3.98 million profit in the year to the end of December 2022.
The profit of £3.98 million is a 190% increase on the profit of £1.37 million for 2021.
The profits of the two years followed Covid-19 shutdown related losses of £3.7 million in 2020.
The firm closed the 2022 financial period with capital and reserves of £18.76 million.
The directors for Algarve Golf Courses Ltd state that they were satisfied with the performance of the Sociedade do Golfe da Quinta do Lago in 2022.
Mr O’Brien acquired the Quinta do Lago resort in 1998, and has expanded it substantially in the years since. It comprises three golf courses, hotels, a sports campus and residential units.
Algarve Golf Courses had net assets itself of £7.27 million at the end of 2022 - unchanged from the end of 2021. The directors noted that it did not make a profit in 2022 as it did not trade.
Separately, accounts for another Denis O'Brien-owned entity, Catalunya Golf Ltd show that it recorded a pre-tax profit of £1.74 million last year and this followed the company recording a pre-tax loss of £2.19 million in the prior year.
The firm is a holding company for companies engaged in the ownership and management of golf courses and the directors state both the level of business and the year end financial position were satisfactory.
The firm’s loss arose from the foreign exchange conversion of the firm’s underlying investment and not from trading.
A subsidiary, PGA Golf de Caldas SA is engaged in property development and recorded profits of £1.29 million last year. At the end of last year, it had consolidated capital and reserves of £1.7 million.
Reporting by Gordon Deegan
