Middle East duty-free boosts Aer Rianta profits

The Middle East boosted duty-free earnings at Aer Rianta International, as pre-tax profits increased 10.5% to €23.7m.

New accounts from the Shannon-based DAA subsidiary show its Middle East business delivered over half of the revenues amounting to €17.8m in 2015.

Aer Rianta International Middle East is the biggest international duty-free operator in the region, with bases in Bahrain, Qatar, Beirut, Muscat, as well as Cyprus and offers both airport retailing and airport management consultancy.

It also won a new seven-year contract to operate a duty-free concession at Auckland airport in New Zealand.

Aer Rianta International also has international interests in outlets at Delhi, Montreal, Ottawa, Halifax, and Winnipeg airports.

The firm’s revenues included €15.4m in dividends from subsidiary undertakings, €8.7m in dividends from associates and €8.7m in management fees.

At the end of last year, the firm was sitting on accumulated profits of €280m.

Staff numbers fell by one to 45, with wages and salaries increasing from €3.6m to €3.9m.

Pay to directors, including pension payments, increased from €517,000 to €587,000.

That sum included an additional €68,000 payment to former chief executive Eamon Foley.

Mr Foley received a pay-off of €867,000 in 2011 and the exit package included a lump sum of €437,000 and a payment of €68,000 annually for 6.3 years to bridge the gap to retirement.