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”.

THE McMullan brothers, owners of the Maxol oil company, were paid€1.7 million in dividends last year, despite pre-tax profits at the company plunging 74% to €3.5m.

THE McMullan brothers, owners of the Maxol oil company, were paid €1.2 million in dividends last year, according to its latest set of accounts.