Pre-tax profits at the OHM Group, which distributes Jaguar and Land Rover brands here, last year increased by 35% to €5.73m.
New accounts filed by Armalou Holdings Ltd show that profits increased sharply at the motor group despite revenues declining by 6% or €15.09m from €242.53m to €227.44m.
The group last year paid out a dividend of €3.73m.
The group also operates the Spirit Motor Group and sells Ford, Volvo, Skoda, Cupra, Seat along with Jaguar and Land Rover made vehicles.
Two of the group's subsidiaries received €732,382 in Covid-19 wage subsidy payments during the pandemic and last year the subsidiaries voluntarily repaid the entire subsidy after "trading was resilient".
The pre-tax profits of €5.73m last year follow pre-tax profits of €4.23m in 2021.
On the overall performance of the business, the directors state that "despite the ongoing challenges associated with the war in Ukraine, Brexit and the global shortages in raw material for new vehicles, components for new vehicles and the related supply constraints, demand for new and used vehicles was strong throughout 2022 and the market demand remains buoyant".
The directors state that the "transition to Electric Vehicles (EVs) is now well underway, as sales of Battery EVs and Plug-In hybrid EVs continue to increase year on year both for the group and nationally."
The group recorded operating profits of €6.45m and interest payments of €721,000 reduced profits to a pre-tax profit of €5.73m. The group benefited from other operating income of rental income of €405,000.
The company recorded post tax profits of €5m after paying corporation tax of €730,000.
Numbers employed by the group last year increased from 251 to 256 made up of 164 in sales and support and 92 in service.
Staff costs last year increased from €15.92m to €17.25m. The profit last year takes account of €787,000 in non-cash depreciation costs.
Directors" pay increased by 8% from €988,000 to €1.06m.
The pay to the group's key management personnel, made up of directors and management, last year increased from €3.3m to €3.77m.
At the end of December last, the group had shareholder funds of €32.69m that included accumulated profits of €29.9m. The group's cash funds decreased from €13.9m to €12.94m.
Reporting by Gordon Deegan
