The Kerryman (South Kerry Edition)
Garvey Group’s profits soaring
IT has been an extremely successful year for supermarket and hotel operators Garvey Group, with profits at the Dingle-based group surging in 2017.
According to the latest financial figures published by Garvey Group profits soared to €5 million. New accounts filed by Commidare Holdings Ltd – Garvey Group’s parent company – show that the business group enjoyed the 176 per cent increase in pre-tax profits after revenues increased by 3.5 per cent from €117.54 million to €121 million in the 12 months to the end of January 6 this year.
Garvey Group – which began as a corner shop in Dingle owned by Tomás Garvey – now runs nine SuperValu and Centra stores across the southwest, with four outlets in Kerry, two in Limerick, two in Waterford and one outlet in Cork.
The Group – which now employs close to 800 people – also runs the Dingle Skellig and Benners hotels in Dingle.
Profits at the company were helped by an increase of €1.2 million in value of the company’s quoted investments.
Accounts also disclose that, since year end, Tomás Garvey has sold property assets to the group for €1.965m.
Last year Garvey Group paid out a dividend of €300,000, and this followed a dividend payout of €200,000 in 2016. The Group’s operating profit last year increased by 18 per cent from €3.65m to €4.15m. Pre-tax profits took account of finance costs of €360,722.
The group paid corporation tax of €733,379, resulting in a post-tax profit of €4.29 million.
On January 6 last, the group had shareholder funds totalling €22.1 million that included accumulated profits of €21.8 million. The group’s cash pile increased from €4.8m to €6.33m.
Garvey group’s operating profit last year takes account of non-cash depreciation costs of €2.3 million and non-cash amortisation costs of €1.62million.