The 2024 annual report for the RDS shows that the society’s revenues also rose, by 8pc, from €25.59m to €27.6m, which included commercial-related revenues of €21.29m.
In his report for the philanthropic organisation, then chief executive Liam Kavanagh stated that 2024 “concluded with a trading surplus of €4.95m, restoring the society to the underlying profitability levels achieved pre-Covid in 2018/2019”.
“Benefiting from well-controlled costs and buoyant market conditions, commercial income saw a significant increase of 14pc,” he said.
“This growth was supported by successful one-off international events which helped to offset the temporary absence of Leinster Rugby from September, as the arena construction commenced.”
Rent from the RDS Simmonscourt office development last year decreased by 9pc, from €4.85m to €4.4m, and Mr Kavanagh said it is “currently in a transition phase with new tenants, resulting in some loss of income. Despite a challenging office rental market, we expect to be well placed to benefit from tightening occupancy rates.”
While it was a “year of transition”, it was also a successful one
On the overall 2024 performance, Mr Kavanagh stated that while it was a “year of transition”, it was also a successful one.
Paul Kelly, a former CEO at Fáilte Ireland, succeeded Mr Kavanagh in the RDS role in September.
Last week, the RDS announced a naming rights partnership whereby its main venue is to be renamed as the Laya Arena as part of a €52m redevelopment programme, primarily of the Anglesea Stand and grandstand.
The 20,000-capacity arena will stage its first event, the 2026 Dublin Horse Show, next August. At the end of December last year the society’s retained earnings totalled €68.5m. In his report, RDS president John Dardis said a strong financial performance, underpinned by exceptional venue sales, contributed to progress in achieving the goals of the society’s strategic plan.
Numbers employed at the RDS last year decreased from 101 to 93 as staff costs reduced from €7.5m to €7m.
Remuneration of 25 key management in 2024 totalled €2.73m, which was down sharply on the €3.49m paid out to 26 key management personnel in 2023. The profit for last year takes account of non-cash depreciation costs of €1.25m.
Revenues were boosted by an increase in membership fees. A note said this was the first increase in five years, and reflected the cost of providing services to members. Joining fees for new applicants for membership also rose in 2024.
Advertised membership fees for 2026 range from €525 for Dublin-based members and €425 for “country membership”, which includes a €50 credit towards food and drink purchases at the members’ club.
A total of 228 new individual members and 12 new corporate memberships were recruited in 2024.
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