Shareholders at the company which owns and operates the Breaffy House Resort in Co Mayo last year shared dividends of €10.5m, recently filed accounts show.
The dividend payout by Tirawley Ltd follows the company recording bumper profits in recent years on the back of State contracts to accommodate Ukrainians and International Protection (IP) applicants at the resort property.
Last year, pre-tax profits at Tirawley Ltd increased by 31% to €8.46m and the jump in profits at the Castlebar based firm followed revenues rising by 13% from €19.04m to €21.49m.
The 13% increase in revenues followed revenues surging by 40% from €13.59m to €19.04m in 2023.
The €8.46m in pre-tax profits for 2024 follow pre-tax profits of €6.42m for 2023.
Quarterly Purchase Order figures by the Department of Children, Disability and Equality show that Tirawley Ltd received cumulative State payments of €14.68m (including 23% VAT) in 2024 from it providing emergency accommodation for international refugees for the State's International Protection Procurement Services (IPPS).
The State payments last year included €5.6m alone for the final quarter of 2024.
The principal activity of the company is the operation of a hotel and leisure centre at Breaffy House Hotel and Breaffy Woods Hotel at Breaffy, Castlebar in Co Mayo.
The company also provides emergency accommodation for International refugees to International Protection Procurement Services, an arm of the Department of Children.
The company last year paid dividends of €10.5m.
In an annual return made up to September of this year, they show that Cyril Duffy with a Kuala Lumpur, Malaysia address owned 75% of the share capital of the company while Owen Kelly of Naas, Co Kildare owned the remaining 25%.
The return shows that on October 30, 2024, Deirdre Murphy and Niamh Murphy each transferred their 4.15%share, a cumulative 8.30% of the company's share capital, to Cyril Duffy.
The accounts show that dividends of €9m were paid between January 2, 2024 and October 7, 2024 with the final dividend tranche of €1.5m paid on December 19 last.
In a reference to the firm opting for the State contract work, the directors state that the company's exposure to adverse market risk "is limited due to the diversity of its current business model and its income stream".
The directors believe they "offer services that operate effectively in an uncertain market".
The company last year recorded post tax profits of €7.4m after incurring a corporation tax charge of €1.04m.
The profits last year take account of non-cash depreciation charges of €328,684.
Numbers employed reduced from 160 to 155 as staff costs increased from €4.49m to €4.94m. The firm generated €12.2m in revenues from "rooms", while €7.3m was generated from food.
The post tax profits offset by the €10.5m dividend payout resulted in the company's accumulated profits reducing to €6.27m.
The company's cash funds decreased from €4.6m to €1.96m.
Reporting by Gordon Deegan
