The operator of the first McDonald’s outlet in Ireland on Dublin’s Grafton Street saw profits slump 29 per cent last year to €3.3 million.
Owned by Amir Afsar, Persian Restaurants Ltd operates a number of McDonald’s restaurants in Dublin, Wicklow and Wexford including the outlet on Dublin’ Grafton Street and new accounts show that the company’s revenues increased marginally from €52.7 million to €53.2 million in 2024.
Persian Restaurants also operates McDonald’s at the Nutgrove Shopping Centre and the Frascati Shopping Centre while the Grafton Street store is the country’s oldest McDonald’s having opened in 1977.
Pay to directors last year increased 72 per cent to €839,538. That is still far below the €5.57 million paid to directors in 2022.
The company last year recorded post tax profits of €2.88 million after incurring a corporation tax charge of €441,081.
The profit last year takes account of non-cash depreciation costs of €929,541.
At the end of December last, accumulated profits at the company totalled €22.47 million and the company had cash funds of €19.75 million.
Numbers employed reduced by 68 from 807 to 761 though staff costs increased from €14.76 million to €16.37 million.
Another McDonald’s franchisee, Elaine Sterio oversaw her pretax profits at her Glenellen Restaurants Ltd increase by 65 per cent from €981,378 to €1.62 million.
Mrs Sterio operates six McDonald’s outlets in Balbriggan, Drogheda, Navan, Dundalk, Monaghan and Carrick-on-Shannon after working her way through the ranks.
Recently filed accounts for Ms Sterio’s Glenellen Restaurants Ltd show that its revenues increased by 8pc from €26.07 million to €28.18 million.
Ms Sterio started working for McDonald’s in 1989 while studying. A factor in profits increasing sharply last year was an exceptional cost in 2023 of €479,908 concerning an alleged misappropriation of funds by an ex-employee not recurring last year.
Mrs Sterio opened her first McDonald’s franchised outlet at the age of 32 and at the end of last year, accumulated profits at her Glenellen Restaurants had increased to €11 million.
Cash funds increased from €8.93 million to €9.82 million. Mrs Sterio owns 75 per cent of the company her husband Glenn owns the remaining 25 per cent.
Numbers employed last year increased by 126 to 433 as staff costs increased from €7.38 million to €8.6million.
Pay to directors remained at the same level at €179,370 in 2024.
The company last year recorded post tax profits of €1.44 million after incurring a corporation tax charge of €175,620.