The parent company of Irish-owned oil company Maxol Ltd had an increase of close to 30% in net profit last year as it continued to take advantage of what is termed in its annual return as “the opportunities resulting from the recession”.
Profit after taxation of McMullan Brothers Limited — the parent company of Maxol — climbed from €2.87m to €3.99m last year.
A dividend of €1.36m was paid to its directors Noel, Malcolm and Max McMullan — the same as that paid the previous year.
The group which includes a number of subsidiary firms, such as Estuary Fuel; Roscrea Oil Company and Emerald Fuels had net cash at the end of the financial year of €8m — a situation it describes as a very strong financial position.
Turnover dipped slightly from €669.55m to €659.78m in 2013 but was accompanied by a similar fall of more than €11.56m in the company’s cost of sales.
“During 2013, the group continued to take advantage of the opportunities resulting from the recession by utilising its relatively strong financial position to enable it to acquire new outlets throughout Ireland, North and South, and accelerate the major service station re-imagining programme it launched in early 2012,” the directors’ report reads.
The strategy, the statement says, continues into 2014 with an even greater emphasis being put on taking advantage of the lower cost environment arising from the recession.
Maxol’s strategy is now strongly focused on developing the forecourt convenience retailing aspect of its operations, it said.
The group’s total assets, when current liabilities have been subtracted, stand at more than €96m; down from €113.3m in 2012.
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