Profits Rise 11% At McDonald's Irish Arm
Recently filed accounts for McDonald's Restaurants of Ireland Limited show that profits at the Irish arm of the franchise have risen 11% on the back of new store openings and the country's increasing appetite for fast food.
The Irish Times reports that the accounts indicate that the firm's after-tax profit rose to €11.5 million in 2016, with like-for-like growth softening the fallout from the disposal of three stores from the core group.
McDonald's Restaurants of Ireland Limited currently runs nine outlets in the Republic, as well as holding the master franchise for Ireland's other 82 stores, which is up from 77 in 2015.
The company also recorded an operating profit of €15.7 million, representing a 14% increase, while turnover for 2016 rose 2% to €86.6 million. Additionally, it employed 886 people, with wage costs coming to €17 million. Meanwhile, dividends of €118 million were paid to parent entities and shareholders' funds increased 85% to €18.4 million.