Tuesday, December 3, 2024

McDonald’s franchise operator sees revenues jump to €52.7m

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Owned by Amir Afsar, Persian Restaurants Ltd operates a number of McDonald’s restaurants in Dublin, Wicklow and Wexford, including the Grafton Street outlet.

New accounts show the company’s revenues increased by 9pc from €48.28m to €52.72m.

The pre-tax profit of €4.68m followed a pre-tax loss of €220,497 in 2022. The loss was mainly due to a payout of €5.6m 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 McDonald’s at the Nutgrove Shopping Centre, in Rathfarnham, and the Frascati Shopping Centre, in Blackrock.

The Grafton Street outlet is the country’s oldest McDonald’s. It opened in 1977.

The company last year recorded post-tax profits of €4.07m after incurring a corporation tax charge of €614,737.

The profit last year takes account of non-cash depreciation costs of €1.24m.

At the end of December, accumulated profits at the company totalled €19.59m, and the company had cash of €19m.

Another McDonald’s franchisee, Elaine Sterio, operates five McDonald’s restaurants in the Co Louth and north Dublin areas. The most recent accounts for Ms Sterio’s Glenellen Restaurants Ltd show its revenues increased from €21.52m to €24.68m in 2022.

Ms Sterio started working for McDonald’s in 1989 while studying.

Pre-tax profits at Glenellen Restaurants in 2022 decreased by 20pc from €1.47m to €1.16m.

Numbers employed decreased from 342 to 320 as staff costs increased from €7.05m to €7.7m.

McDonald’s is currently embarking on a €40m expansion plan for Ireland, which will create 1,000 jobs here over the next four years.

It now has 95 restaurants here, all of which are operated by franchisees.

McDonald’s invested €42m between 2018 and 2023 in Ireland.

This included the refurbishment of existing outlets and the opening of new restaurants.

As part of the investment, McDonald’s currently has two planning applications before Tipperary Co Council and Wexford Co Council, for new restaurants.

A number of locals in Thurles, Co Tipperary, are objecting to McDonald’s Ireland constructing a new drive-thru fast-food restaurant for Thurles, on health grounds.

In one objection, Ronan Spain, of Carraig Donn, Clongour, Thurles, told the council: “As a father of two young children, I object to the development of a fast-food restaurant on health grounds, particularly as we are in the midst of an obesity crisis in this country, where one in five children aged under five is obese, according to a study referenced on the HSE website on October 10th 2024.”

The council has placed the application but the only item the planning authority has sought further information from concerns a traffic issue.

McDonald’s is to provide an assessment of traffic queuing at the drive-thru.

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