Owned by Amir Afsar, Persian Restaurants Ltd operates a number of McDonald’s restaurants in Dublin, Wicklow and Wexford including the outlet on Dublin’s Grafton Street and new accounts show that the company’s revenues increased by 1pc from €52.7m to €53.2m last year.
The pre-tax profits of €3.3m for 2024 follow pre-tax profits of €4.68m for 2023.
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 and opened in 1977.
Pay to directors last year increased by 72pc from €487,000 to €839,538 which represents just 15pc of the €5.57m paid to directors in 2022.
The company last year recorded post-tax profits of €2.88m 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 €22.47m and the company had cash funds of €19.75m.
Numbers employed reduced from 807 to 761 though staff costs increased from €14.76m to €16.37m.
Another McDonald’s franchisee, Elaine Sterio oversaw pre-tax profits at her Glenellen Restaurants Ltd increase by 65pc from €981,378 to €1.62m.
Ms 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 €26.07m to €28.18m. Ms Sterio commenced working for McDonalds 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.
Ms 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 €11m.
Cash funds increased from €8.93m to €9.82. The profit last year takes account of non-cash depreciation and amortisation costs of €951,765.
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