The operator of the first McDonald’s outlet in Ireland on Dublin’s Grafton Street last year recorded pre-tax profits of €4.68 million.
Owned by Amir Afsar, Persian Restaurants Ltd operates a number of McDonalds restaurants in Dublin, Wicklow and Wexford's including the outlet on Dublin’ Grafton Street, in new accounts show that the company’s revenues increased by 9 per cent from €48.28 million to €52.72 million.
The pre-tax profit of €4.68 million followed a pre-tax loss of €220,497 in 2022 and the loss was mainly due to a payout of €5.6 million to directors.
Pay to directors last year was less than 10pc of the 2022 payout at €531,557 made up of emoluments of €487,000 and €44,557 in pension contributions.
Persian Restaurants also operates McDonalds at the Nutgrove Shopping Centre and the Frascati Shopping Centre while the Grafton Street store is the country’s oldest McDonald’s and opened in 1977.
The company last year recorded post tax profits of €4.07 million after incurring a corporation ax charge of €614,737.
The profit last year takes account of non-cash depreciation costs of €1.24 million.
At the end of December last, accumulated profits at the company totalled €19.59 million and the company had cash of €19 million.
Another McDonalds franchisee, Elaine Sterio operates five McDonalds restaurants in the Co Louth and north Dublin areas and the most recent accounts for Ms Sterio’s Glenellen Restaurants Ltd show that its revenues increased by €3.1 million from €21.52 million to €24.68 million in 2022.
Ms Sterio commenced working for McDonalds in 1989 while studying and pre-tax profits at Glenellen Restaurants in 2022 decreased by 20pc from €1.47 million to €1.16 million.
Numbers employed decreased from 342 to 320 as staff costs increased from €7.05 million to €7.7 million.
Fast-food chain McDonald’s is currently embarking upon a €40m expansion plan for Ireland which will create 1,000 jobs in Ireland over the next four years as part of a €40 million expansion plan.
It now has 95 restaurants here, all of which are operated by franchisees and McDonald’s has invested €42 million between 2018 and 2023 in Ireland, which included the refurbishment of existing outlets and the opening of new restaurants.
