Shareholders of Dublin-based energy company FG Wilson Engineering have continued to rake in millions of euros in dividends and payments from the deal despite a large drop in sales and profits over the past year.
Newly filed accounts show that revenue in 2021 fell 13 percent to €57.7 million and profit after tax plummeted from nearly €13 million to €6.2 million.
Despite the performance, the company paid a €7 million dividend to shareholders in February this year after paying out €10 million in 2020.
FG Wilson Engineering supplies emergency power systems for a number of locations such as hospitals, shopping malls, hotels, colleges and other venues. It has installed diesel and gas generators for dozens of clients including the K Club, Bord Gáis Theatre, Dublin Port Tunnel, AIB and Beaumont Hospital.
Accounts from Trigen Power, the holding company behind FG Wilson Engineering, show that assets fell to €32.3 million at the end of 2021, compared to €47.3 million a year earlier. But liabilities also fell from €35 million to €13.6 million.
“The directors did not pay a dividend in 2021,” the balance sheet reads. “The directors paid an interim dividend of €9,505 per share, equivalent to €10 million in 2020. After year-end, the company paid a dividend of €6,654 per share, equivalent to €7 million.”
The beneficiaries of the dividends are Managing Director David Blennerhassett and two Cyprus registered companies, namely LTM Investments (Cyprus) and Jung Investments.
Mr. Blennerhasset is listed as a direct owner of 333 shares of Trigen Power.
The accounts also show that directors’ compensation at the company has skyrocketed over the past year, even though total compensation for other employees has declined significantly over the period.
Total directors’ remuneration increased from just under €213,000 in 2020 to almost €2.7 million in 2021.
At the end of 2021, the group had 29 employees, six of whom worked in administration, 16 in technology and installation and seven in sales. They received wages and salaries totaling €4.3 million last year, down 16 percent from nearly €5.2 million in 2020.
The accounts show that in 2021 Trigen Power paid €707,000 in Irish tax and an additional €406,000 in foreign tax, bringing the total tax bill for the year to €1.1m.
The group also has no bank debt and had €15.6 million in cash on their books at the end of 2021.
https://www.independent.ie/business/irish/fg-wilson-engineerings-owners-reap-millions-even-as-profits-halve-to13m-42070954.html FG Wilson Engineering owners reap millions despite profit halving to €13m