Maxol brothers take in €1.2 million

THE McMullan brothers, owners of the Maxol oil company, received more than €1.2 million in dividend payments in 2002, according to recently filed accounts.

The three brothers who own what is now the only major Irish oil company, saw the firm’s profits rise by close to 14% in the year to December 2002. Pre-tax profits rose from €89.9 million to €10.1m, companies’ office documents show.

Maxol is owned by the three brothers, Noel, Malcolm and Maxwell McMullan and their extended families. The dividend was flat year-on-year. Directors salaries for the year were down a touch at €901,000. The directors also took €241,000 in pension contributions.