High-flying directors at Irish-based aircraft leasing company, Pembroke Capital, last year shared a pay pot of $4.2m (€3.34m) or an average of just under $600,000 each.
According to accounts just filed with the Companies Office by Pembroke Capital Ltd and subsidiaries, the group last year recorded a 53% increase in pre-tax profits — from $43.3m to $66.3m.
The figures show that the firm — with its Irish offices located in Limerick and Dublin — recorded the increase in pre-tax profits after revenues went up by 34% from $239.6m to $321.4m in the 12 months to the end of December last.
The new accounts also reveal that the company’s business provided a bonanza for its on average 30 staff last year, with them sharing $11.5m in salaries — or an average of $383,000 each.
The company’s seven directors — including its former CEO, Gary Burke — shared $4.19m in remuneration, including $161,000 in pension contributions.
In 2011, Mr Burke bought financier, Derek Quinlan’s Derrymore home on Dublin’s Shrewsbury Road for a price believed to be around €7m.
The other directors are listed as chief executive, Kieran Corr, Raghunandan Menon, Peter Moylan, Stan Barnes, Dave Richards, and William McCallum.
Mr Burke resigned as director in May of last year to become global head of structured finance at Pembroke parent Standard Chartered.
The firm earned its income from lease rentals of aircraft and the directors state that they consider the affairs of the company to be “satisfactory”.
They added: “The directors plan to continue to develop the activities and operations of the group in the coming year.”
The group has a portfolio of over 80 owned and managed aircraft.
The company’s expenses include the non-cash depreciation cost of $75.4m. The firm’s travel expenses totalled $950,000, last year, with legal and professional fees jumping to $888,000.
At the end of December last, the group had retained earnings of $228m.
The latest figures show that the company paid $9.53m in tax last year. The book value of Pembroke’s aircraft last year was valued at $1.6bn.
A breakdown of the company’s revenues shows that 44% — or $135.5m — of its business is in Asia/Pacific; 35% or $110m is in Europe; 16% or $51.6m is generated in the Middle East, with the remaining 5% generated in Africa and Latin America.
Nine of the world’s top 10 aircraft leasing firms are based in Ireland where they employ 1,000 people directly and 2,000 indirectly.
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