Pre-tax profits at the Irish branch of the football 'super agency', Gestifute that represents football superstar, Cristiano Ronaldo last year dipped marginally to €25.04 million.
New accounts filed by Gestifute International Ltd show that it sustained the slight decrease in pre-tax profits despite revenues increasing by €654,454 to €30.03 million.
The firm last year paid a dividend of €20 million and this followed a dividend of €20 million paid in 2020.
Super agent
Gestifute was founded by super agent Jorge Mendes and the firm is currently seeking out a new club for Ronaldo after the Portuguese star’s very public falling out with Manchester United.
The principal activity of the Irish company is providing consultancy and marketing services to professional sports people and sporting organisations.
The directors state that the main business risk is the ability of clients to switch to other consultancy providers.
The cash generated by the firm from operating activities before tax was paid last year totalled €30.5 million - up 62 per cent on the cash generated by the business in 2020.
Forbes recently estimated Ronaldo’s 2022 earnings to be around $115 million - the world’s third-highest sports earner - and in February of last year, Ronaldo became the first person in the world to reach 500 million followers across Facebook, Instagram and Twitter.
Irish office
The Irish company has its registered office at One George's Quay Plaza, George's Quay in Dublin 2 and the directors state that the company plans to continue its present activities and current trading levels.
On the firm’s going concern status, a note states that the best available information demonstrates that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern.
Gestifute International Ltd had accumulated profits of €46.75 million at the end of 2021 while its cash pile increased fourfold to €9.1 million.
The accounts show that the Irish firm’s tax bill for the year totalled €3.16 million and the company recorded post tax profits of €21.8 million.
One of the directors of Gestifute in Andy Quinn and a note attached to the accounts show in 2021 €12,917 was charged by Andrew P Quinn and Associates where Andy Quinn is a director.
The company employed eight people made up of three directors and five in administration and last year staff costs totalled €514,917 to €615,096.
Pay to directors last year totalled €244,342.
