Musgrave Group paid out €22.5m dividend in 2024 largely to family owners

The company, which owns SuperValu and Centra, employs more than 44,000 people across its stores

Chief executive of the Musgrave Group, Noel Keeley, said 2024 was an "extraordinary year” for the company despite a number of challenges. 

Cork-based supermarket firm Musgrave Group — the company that owns both SuperValu and Centra — paid out €22.5m in dividends to its shareholders during its last financial year, its annual report has shown.

During 2024, the company, which is largely owned by the extended Musgrave family, generated €5.2bn in turnover, up from €5bn in 2023. Its cost of sales increased from €4.05bn to €4.2bn with staff costs reaching €508.7m.

Profit after tax for the financial year reached €109.6m, an increase year-on-year from €103.9m. Across all of its operations, it generated €6.6bn in retail sales, more than half of which, €3.5bn, was generated by SuperValu while €2.5bn was generated by Centra.

According to its financial records, it paid €22.5m in a dividend to shareholders and spent €6.3m in payments to acquire its own shares.

The company also operates Daybreak convenience stores as well as Spanish convenience store chain Dialprix. Daybreak generated €300m in sales while Dialprix generated €200m. It also operates 74 Mace stores and five Donnybrook Fair stores.

Chief executive of the Musgrave Group, Noel Keeley, said 2024 was an "extraordinary year” for the company despite challenges including floods in Cork and Levante in Spain “where we operate wholesale and retail brands” as well as other global challenges.

“In 2024, group trading was solid, with sales growing by 4% to €5.2 billion. This reflects disciplined growth across retail and wholesale, deeper digital adoption, and continued investment in people, innovation and sustainability,” he said.

Its cash balance stood at €171m as of the end of last year — €22m lower than in 2023. Mr Keeley said this reflects “substantial investment in our brands to support value for customers”.

“It also reflects our approach to strategic acquisitions,” he said.

During 2024, it made a number of acquisitions including wine suppliers Febvre Wines, Robb Brothers Wine Merchants, as well as food and drink suppliers Clean Cut Meals, AFT Drinks and Parkview Provisions.

Mr Keeley said the company is looking to grow its existing business by “leveraging the strengths and expertise of our people”, and the latest digital innovations which he said will also help it expand into new markets.

“First, we work with our partners to maximise our core brands by staying ahead of evolving consumer and foodservice customer needs. Second, we look for opportunities to expand internationally in a targeted way, where we have the right partners and capabilities,” he said.

The company employs more than 44,000 people across its stores. It has 615 Centra stores across the Republic of Ireland and Northern Ireland and 258 SuperValu stores.

The Musgrave Group will mark its 150th year in business next year.