Dividends paid at LIV Tour golfer Graeme McDowell’s golf promotion company fell to $475,000 last year.
New accounts for McDowell’s Boyport Services Ltd show that the $475,000 dividends paid last year compare to the $2.1 million dividends paid in 2020.
Dividends paid in 2021 and 2020 follow dividend payments of $1.42 million in 2019 and $2.87 million in 2018 — a total of $6.86 million paid over the four years.
The company’s cumulative earnings increased by $126,631 last year from $15.13 million to $15.25 million.
McDowell has at times been the focus of criticism this year for his decision to sign up for the controversial new Saudi-backed golf tour.
After opening up about his reasons for joining, the Portrush golfer remarked at the JP McManu’s Pro-Am event in July, “In hindsight, I wish I hadn’t said anything.”
“It’s a great financial opportunity for me and my family,” said the 43-year-old about his participation in the LIV tour.
He said: “I’m kind of sick of finishing 150th on the FedEx and banging my head against the wall on the PGA Tour. It is difficult. It’s hard every week. You know I’ve paid my dues. I’ve been doing the right things for 20 years of my life and now I want to go and make some money in an amazing opportunity.”
The new accounts show that McDowell’s firm’s cash balance increased slightly over the past year, by $99,139 from $3.239 million to $3.338 million.
The value of the company’s investment properties rose by $2.4 million from $2.3 million to $4.7 million last year due to the rebuilding of a 2010 US Open winner’s vacation home on the property of the Abaco Golf Club on the island of Grand Abaco in the Bahamas.
The vacation home was flattened by Hurricane Dorian in September 2019.
The value of the 2021 reconstruction has been estimated at $2.4 million.
Despite the pandemic affecting operations, it’s been a busy year for the company’s investments. At the beginning of the year, the company’s investments had a book value of $9.89 million.
During the year, the company had “additions” on investments of $5.69 million offset by $8.8 million of disposals.
The company also recorded a gain of $555,721 on its investments, which contributed to investments with a book value of $7.33 million at the end of the year.
Over the years, McDowell has invested wisely off the golf course, opening two restaurants in Florida.
https://www.independent.ie/business/irish/dividends-fall-but-profits-above-par-at-graeme-mcdowells-golf-promotions-firm-42015829.html Dividends are falling but earnings at Graeme McDowell’s golf promotion company are above average