The Joe Duffy Group’s profit rises to 29.7 million euros

The pre-tax profit of one of the country’s largest car dealerships, the Joe Duffy Group, more than tripled last year to 29.7 million euros.

The new consolidated financial statements show that last year JDM Automotive Ltd increased its pre-tax profit by 248 per cent from 8.5 million euros to 29.7 million euros, while revenues increased by 35.5 per cent from 337.5 million euros to 457 .3 million euros rose.

The company is celebrating its 50th anniversary this year and directors state that “2021 was our 12th consecutive year of growth” and last year posted earnings before interest, taxes, depreciation and amortization (Ebitda) of €33.9 million became.

Today the group operates 23 dealerships and represents an extensive franchise portfolio including BMW, Audi, Mazda, Volkswagen, Ford, Land Rover, Jaguar, Volvo, Porsche, Lotus and Kia.

The number of employees increased last year by 41 to 520 and personnel costs increased by 11% to €22.16 million.

The directors, which include CEO and majority owner Gavin Hydes, say they believe they are in a strong position to continue to develop the group. However, they also added a note of caution.

“We face multiple headwinds caused by economic uncertainty and supply issues due to semiconductor shortages that will impact the future performance of the company.”

At the end of last December the group had shareholder funds of €63.59m which included accumulated profits of €59.08m and the directors state that “our strong balance sheet provides a solid platform to continue to grow the group “.

The company hopes new car supply will improve next year and expects used car prices to “stabilize”.

Last year, the group recorded a profit after tax of €26.14 million after paying corporate income tax of €3.6 million.

It received €1.8 million in government Covid-19 grants and €750,000 in manufacturer support revenue last year.

Management board salaries fell last year to €676,983.

https://www.independent.ie/business/irish/profits-surge-to-297m-at-joe-duffy-group-42025279.html The Joe Duffy Group’s profit rises to 29.7 million euros

Fry Electronics Team

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