Pretax profits at Mannok Holdings, the former Quinn Industrials business, rose last year by 14 per cent to €26.6 million.
New accounts filed by Mannok Holdings DAC show that pretax profits climbed even as revenues dipped by 2.5 per cent from €311.9 million to €304.18 million last year.
Turkish listed building materials company Cimsa reached an agreement to acquire 94.7 per cent of Mannok Holdings in August of last year. The deal valued Mannok at €330 million, including debt.
Mannok was formerly part of the Quinn group of companies which were acquired in 2014 by an investor group led by Brigade Capital Management.
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Quinn Industrial Holdings – once a major part of Sean Quinn’s empire – was rebranded as Mannok in 2020.
In the new accounts, the directors say the reduction in sales was due to sales price deflation for insulation and plastic packaging products with some offset in inflation in cement and concrete products.
The directors state that the price reductions in insulation and plastic packaging were influenced by decreases in some of the underlying raw material components.
The directors state that the 14 per cent increase in pretax profits was primarily driven by margin recovery which was heavily impacted by the inflationary environment in previous years.
The accounts show that operating profits dipped by 2 per cent to €27.17 million as lower interest payments drove the increase in pre-tpretaxits.
The accounts show that net interest payments last year fell 50 per cent to €4.18 million, contributing to pre-tpretaxits increasing from €23.37 million in 2023 to €26.6 million.
The group recorded profits after tax of €26.25 million after incurring a corporation tax charge of €350,000.
The accounts show that the group’s earnings before interest tax depreciation and amortisation (EBITDA) last year increased by 6 per cent to €47.6 million.
Numbers employed remained at the same level at 778 and was made up of 180 in manufacture of cement, 190 in other manufacturing, 149 in packaging products, 94 in administration, 93 in manufacture of insulation and 72 in quarry extraction and processing.
Staff costs last year increased by 9 per cent to €48.27 million.
Pay to key management more than doubled from €2.12 million to €4.88 million and key management personnel are described as those who have responsibility for planning, directing and controlling the activities of the group.
Liam McCaffrey stepped down as CEO in June 2024 to be succeeded by Dara O’Reilly. Mr McCaffrey resigned as a director on October 2nd 2024.
