Pre-tax profits at the Cork-based company that operates Trabolgan Holiday Village last year increased 12 per cent to €8.4 million on the back of record revenues.
New accounts for Trabolgan Holiday Centre Ltd show that pre-tax profits increased as the company enjoyed its best revenues of €14.41 million in the 12 months to the end of December 26th last.
Revenues increased by 11 per cent from €12.59 per cent to €14.4 million on the back of the firm providing accommodation to Ukrainians.
The pre-tax profits of €8.4 million last year follow pre-tax profits of €7.49 million in 2023.
The company recorded post-tax profits of €7.33 million after incurring a corporation tax charge of €1.06m.
Figures from the Dept of Children, Equality, Disability, Integration and Youth show that Trabolgan Holiday Centre last year received €15 million (incl VAT) for accommodating Ukrainians while payments for the first three quarters of this year show that the company has received €8.59 million (incl VAT).
The directors state that the principal activity of the company is the ownership and operation of a holiday centre.
They state that “since March 2022, the holiday centre made some accommodation available to The Department of Children, Equality, Disability, Integration and Youth (DCEDIY) for the provision of accommodation to Ukrainian Beneficiaries of Temporary Protection (BOTP) and the level of accommodation provided increased following closure of the holiday park for extensive renovation works in November 2022”.
In their report, the directors state that while the holiday village remains closed to the general public to facilitate extensive renovations, it has made available to Ukrainian BOTP its accommodation units.
They state that the holiday village will remain closed for the 2025 financial year.
On future developments, the directors state that “the company has extended its services to include the purchase and sale of mobile homes for use on a serviced mobile home site that it has developed and from which it will earn service fees”.
The ‘Ukrainian’ business has greatly increased the company’s balance sheet, with shareholder funds increasing from €13.99 million to €21.3 million. Cash funds increased from €2.2 million to €3.57 million.
Numbers employed in 2024 decreased from 56 to 54 as staff costs increased from €2.58 million to €2.9 million.
Pay to directors last year increased from €718,994 to €935,610, made up of directors’ remuneration of €515,254 and pension contributions of €420,356.
The profit takes account of non-cash depreciation costs of €784,645.
