Losses at Sheikh Mohammed bin Rashid Al Maktoum's thoroughbred stud operation here, Godolphin, last year doubled to €11.34m.
The 100% increase in losses at the stud and farm operation came as revenues at Godolphin Ireland Ltd decreased by 3% from €32.13m to €31.1m.
The accounts show that a large contributor to the increase in losses was a non-cash €3.5m write down in a financial asset.
Godolphin's operation in Ireland comprises five farms in County Kildare, one in County Meath and two in County Tipperary.
The firm lodging the accounts with the Companies Registration Office (CRO) follows a strong year on the race-track by Godolphin trained horses around the world.
In May this year, Godolphin created history with four Classic winners in three days where Good Cheer, Sovereignty, Ruling Court and Desert Flower completed an unprecedented clean sweep of the Classics at Newmarket and Churchill Downs in the US that included Sovereignty winning the 2025 Kentucky Derby there.
The HQ for the Irish operation here is Kildangan Stud, just outside Kildare town.
Kildangan itself is home to the Irish-based Darley stallions and the farm extends to almost 1,500 acres with combined accommodation for more than 400 horses.
Ruler of Dubai and vice-president of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, is one of the world’s richest leaders and is one of the most famous names in the world of horse racing, pouring billions of euro into the industry over the past 40 years.
The Irish operation recorded the losses after incurring €14m in lease costs and the €3.5m write down of the financial asset.
The losses at Godolphin Ireland Ltd last year follow losses of €5.6m in 2023, €8.09m in 2022, €4.23m in 2021 and €8.36m in 2020.
Numbers employed at the Godolphin Irish operation last year reduced from 227 to 209 with 181 listed as stud and farm employees, 15 in management and 13 in administration.
Staff costs increased from €13.29m to €13.64m.The principal activity of the group is that of stud, arable and livestock farming.
Nomination fee income last year decreased by 5% from €25.15m to €23.7m while Godolphin Irelandrecorded 'keep fees’ income of €5.89m, farm income of €708,776,breeding rights of €673,750 and leasing income of €43,861
The loss takes account of non-cash depreciation costs of €2.09m.
The loss resulted in Godolphin Ireland having accumulated losses of €210.4m at the end of last year and a shareholders’ deficit of €182.57m
The firm's cash funds decreased from €7.2m to €5.46m. The book value of the company's tangible assets totalled €72.7m
On the company’s going concern status the directors state that Godolphin Ireland has received written confirmation of continued support from a group company, Reliance Holdings Ltd and that it will settle all third party liabilities.
At the end of December last, Godolphin Ireland owed €277.48m to Reliance Holdings.
Reporting by Gordon Deegan
