Pre-tax profits at the family-owned group that distributes Mercedes-Benz cars in Ireland last year declined by 5.5% to €24.92m.
Accounts recently filed for MML Holdings Ltd and subsidiaries, which is owned by members of the O'Flaherty family, show that it sustained the drop in pre-tax profits as revenues increased by €50.5m or 14% from €364.68m to €415.18m.
The pre-tax profits of €24.9m for the MSL Motor Group follow pre-tax profits of €26.63m in 2022.
The group paid out a dividend of €1.759m last year after no dividend was paid out in 2022.
The directors state that the directors are satisfied with the group's financial and operating performance in 2023.
They also reveal that in October of this year, the MSL Motor group reached an agreement with Chinese electric car maker XPeng to distribute its vehicles in Ireland.
The directors state that the company "is actively preparing to launch this attractive and high-tech brand in the Irish market and to build high levels of brand awareness and demand among Irish consumers".
The group also sells and services Mercedes-Benz, Mazda, ŠKODA, BYD and Smart cars.
The group sells Mercedes-Benz from dealerships at Mercedes-Benz Ballsbridge, Mercedes-Benz South Dublin, Mercedes-Benz North Dublin and Mercedes-Benz Cork.
The directors state that the group's diversity, with its motor distribution, motor retail and commercial investment property activities, combined with continued investment in its business, leaves it well positioned for growth.
Numbers employed by the group last year increased from 311 to 340 as staff costs rose from €20.49m to €22.8m.
The group's shareholder funds at the end of last year totalled €328.8m that included accumulated profits of €323.04m
In their report, the directors point to the company building "a significant base of shareholder funds which has supported the business in recent years with recourse to external borrowing where necessary".
Pay to directors increased from €964,000 to €1.02m. The group's operating profits declined by €3.97m or 16% from €24.8m to €20.84m.
However, the group recorded a pre-tax profit of €24.9m after taking into account other income of €4.07m compared to €1.54m under that heading in 2021.
The other operating income was made up of rental income of €2.5m, €468,000 in other income and €1.1m in a non-cash gain in a revaluation of property.
The profits take account of non-cash depreciation costs of €1.5m.
The group last year recorded post tax profits of €21.04m after incurring a €3.87m corporation tax charge.
The group has its roots in a company founded by businessman Stephen O'Flaherty, grandfather of the current generation that owns the business.
In 1954 Mr O’Flaherty secured the Mercedes-Benz distribution rights for Ireland and today the group's Naas Road facility remains the headquarters for both MSL Motor Group and Mercedes-Benz Ireland.
Reporting by Gordon Deegan
