Pre-tax profits at Mannok Holdings, the former Quinn Industrials business, last year increased by 14% to €26.6m.
New accounts filed by Mannok Holdings DAC show that pre-tax profits rose as revenues dipped by 2.5% from €311.9m to €304.18m last year.
In August of last year, Turkish listed building materials company Cimsa reached an agreement to acquire 94.7% of Mannok Holdings.
The deal valued Mannok at €330m, with deductions made to the purchase price for debt.
Mannok was formerly part of the Quinn group of companies which were acquired in 2014 by an investor group led by Brigade Capital Management.
Quinn Industrial Holdings - once a major part of ex-billionaire Sean Quinn's empire - was rebranded as Mannok in 2020 following a five-year repositioning of the business.
In the new accounts, the directors state that the reduction in sales was due to sales price deflation for insulation and plastic packaging products with some offset in inflation in cement and concrete products.
The directors state that the price reductions in insulation and plastic packaging were influenced by decreases in some of the underlying raw material components.
They state that the 14% increase in pre-tax profits was primarily driven by margin recovery which was heavily impacted by the inflationary environment in previous years.
The accounts show that operating profits dipped by 2% from €27.64m to €27.17m as lower interest payments drove the increase in pre-tax profits.
They also show that net interest payments last year reduced by 50% from €8.34m to €4.18m contributing to pre-tax profits increasing from €23.37m in 2023 to €26.6m.
The group recorded post tax profits of €26.25m after incurring a corporation tax charge of €350,000.
At the end of December last, shareholder funds totalled €102.5m.
The accounts show that the group’s earnings before interest tax depreciation and amortisation (EBITDA) last year increased by 6% from €44.9m to €47.6m.
Cash generated from operating activities totalled €35.2m.
Numbers employed remained at the same level at 778 and included 180 in manufacture of cement, 190 in other manufacturing, 149 in packaging products, 94 in administration, 93 in manufacture of insulation and 72 in quarry extraction and processing.
Staff costs last year increased by 9% from €44.4m to €48.27m.
Pay to key management personnel last year increased by 130% from €2.12m to €4.88m and key management personnel are described as those who have responsibility for planning, directing and controlling the activities of the group.
Liam McCaffrey led the Mannok business since it was created and stepped down as CEO in June 2024 to be succeeded by Dara O'Reilly. Mr McCaffrey resigned as a director on October 2, 2024.
Reporting by Gordon Deegan
