Pretax profits at Irish branch of agency representing Ronaldo dip slightly

Pretax profits at the Irish branch of the football “super agency” Gestifute that represents football superstar Cristiano Ronaldo last year dipped marginally to €25.04 million.

Accounts filed by Gestifute International Ltd show that it sustained the slight decrease in pretax profits despite revenues increasing by €654,454, or 2 per cent, from €29.38 million to €30.03 million.

The firm last year paid a dividend of €20 million. It also paid a dividend of €20 million in 2020.

Gestifute was founded by agent Jorge Mendes and the firm is currently seeking a new club for Ronaldo after the Portuguese star’s falling out with Manchester United.

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The principal activity of the Irish company is providing consultancy and marketing services to professional sportspeople and sporting organisations.

In a note with the accounts, the directors said that the main business risk is the ability of clients to switch to other consultancy providers.

The cash generated by the firm from operating activities before tax was paid last year totalled €30.5 million – up 62 per cent on the €18.8 million on the cash generated by the business in 2020.

Forbes recently estimated Ronaldo’s 2022 earnings to be about $115 million (€111 million) making him the world’s third-highest sports earner. In February of last year, Ronaldo became the first person in the world to reach 500 million followers across Facebook, Instagram and Twitter.

The Irish company has its registered office at One George’s Quay Plaza, George’s Quay, in Dublin 2.

Gestifute International Ltd had accumulated profits of €46.75 million at the end of 2021 while its cash pile increased four-fold from €2.2 million to €9.1 million.

The accounts show that the Irish firm’s tax bill for the year came to €3.16 million and the company recorded post-tax profits of €21.8 million. Pay to directors last year totalled €244,342.

Pay to directors last year totalled €244,342.