Losses at Sheikh Mohammed bin Rashid Al Maktoum’s Irish thoroughbred stud operation, Godolphin, declined by 30 per cent last year to €5.67 million.
The sharp decrease in losses at the stud and farm operation came as revenues at Godolphin Ireland Ltd increased by 17 per cent from €27.44 million to €32.13 million.
Its operation, headquartered outside Kildare Town, comprises five farms in Co Kildare, one in Co Meath and two in Co Tipperary. The number of people employees last year increased by two to 227.
Its Kildangan Stud is home to the Irish-based Darley stallions and the farm extends to almost 1,500 acres with combined accommodation for more than 400 horses.
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Ruler of Dubai and vice-president of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum is one of the world’s richest leaders and among the most famous names in the world of horse racing.
Godolphin’s “hall of fame” horses include Dubawi, Masar, Anamoe and Cody’s Wish.
Losses at Godolphin Ireland Ltd in 2023 follow those of €8.09 million in 2022, €4.23 million in 2021, €8.36 million in 2020 and €10.77 million in 2019.
[ Losses almost double at Godolphin’s Irish operationOpens in new window ]
A big contributor to the losses is the firm’s high operating lease rentals of €12.98 million last year and €11.43 million in 2022.
Staff costs increased marginally from €13.22 million to €13.29 million while overall pay to directors reduced from €698,997 to €541,270.
The principal activity of the group is that of stud, arable and livestock farming.
Nomination fee income last year increased by 25 per cent from €20.14 million to €25.15 million while Godolphin Ireland recorded “keep fees” income of €5.9 million, farm income of €613,021, breeding rights of €375,000 and leasing income of €53,085.
The loss takes account of non-cash depreciation costs of €2.2 million.
The loss resulted in Godolphin Ireland having accumulated losses of €199 million at the end of last year and a shareholders’ deficit of €171.23 million.
The firm’s cash funds increased from €2.99 million to €7.2 million. The book value of the company’s tangible assets totalled €74.4 million.
The firm last year generated cash of €3.77 million from operating activities.
On the company’s going concern status, the directors state that Godolphin Ireland has received written confirmation of continued support from a group company, Reliance Holdings Ltd, and that it will settle all third-party liabilities.
At the end of December last, Godolphin Ireland owed €269.68 million to Reliance Holdings.
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