Power City’s McKenna family shares €3m as profits dip

THE McKenna family which owns electric and electronic retailer, Power City last year shared another €3m dividend windfall.

That is according to new accounts just filed by Power City Ltd which show that pre- tax profits at the firm last year decreased by 7pc from €6m to €5.5m.

The drop in profits came in spite of revenues at the business increasing by 6.5pc going from €81.89m to €87.23m in the 12 months to the end of September 24th last.

Numbers employed at the McKenna-owned firm last year increased from 232 to 238.

The filings show that the company paid a dividend of €3m to its shareholders last year and this followed a dividend payout of €3m in 2015.

The shareholders in the firm are listed as Dermot McKenna Jnr, Liam McKenna Jnr, Aidan McKenna, Colin McKenna, Sinéad McKenna and Stephen McKenna.

The cash-rich firm had cash totalling €57m at year end. The firm’s accumulated profits at the end of September last totalled €90.58m.

Power City’s stores are located in the eastern part of Ireland with its Dublin stores at Tallaght, Blanchardstown, Sallynoggin, Finglas, Coolock, Fonthill, and Carrickmines, while there are also stores in Bray, Naas and Drogheda.

The directors state that they are satisfied with the results for the year.

The figures show that the company’s profit takes account of €1m in non-cash depreciation costs.

The figures show that directors’ remuneration for the six who served last year totalled €804,000 compared to €785,000 in 2015. Total key management compensation totalled €1.076m.