The Donald Trump-owned Doonbeg luxury golf resort in west Clare last year recorded operating profits of €509,892.
New accounts show that ex-US President's TIGL Ireland Enterprises Ltd last year recorded the operating profit of €509,892 after sustaining operating losses of €1.98m in 2020 - a positive swing of €2.49m.
The business returned to operating profit after revenues increased by 90% or €3.4m from €3.76m to €7.17m.
Read More: Donald Trump refused planning permission for Doonbeg resort coastal 'wall'
The business was boosted by ‘staycationers’ during the summer of 2021 as most people opted to holiday in Ireland due to ongoing Covid-19 travel restrictions.
A chief factor behind the operating profit was €1.84m received in Government grants where the business in common with enterprises throughout the hospitality sector last year availed of grants such as Government Covid-19 wage supports.
A note attached to the accounts states that “while the hotel had to close for a period in 2020 and 2021 in line with Government guidelines and restrictions, it has performed well since re-opening”.
The group recorded a pre-tax loss of €1.55m but only after taking into account hefty non-cash depreciation and amortisation charges of €2.05 million.
The ex-US President’s sons, Donald Trump Jnr and Eric Trump remain on the board and they state in their directors’ report that they are continuing to upgrade the facilities at the Trump International Hotel and Golf Club.
They state that "it is expected that this will enhance the customer experience and have a positive impact on the group’s and company’s trading results”.
Planning permission was granted in October 2019 for a €40m plan that includes 53 holiday homes, a ballroom/function room, a leisure centre and a new restaurant.
The Trumps and third member of the board, General Manager, Joe Russell state that “despite worldwide staffing shortages the property has maintained its core staffing complement, a testament to the company’s focus on retention and employee well-being”.
The directors state that the resort continues to receive some of the highest accolades including Golf Digest World’s Greatest Golf Courses (2020) and #9 Best Golf Courses in Ireland 2022.
Numbers employed at the resort last year rebounded from 112 to 137 though remained someway the 230 employed in 2019.
Staff costs last year increased from €3.54m to €4.82m.
The Trump Organisation has ploughed more than €40m, including the purchase price, into the resort since it came under the ownership of the Trump Organisation in February 2014.
The new accounts show that a further €506,155 was ploughed into the resort last year and this followed €1.5m invested into the business by way of a capital contribution in 2020.
The Trump organisation purchased the resort for a knock-down price and since then the former US President Trump has visited the resort seven times.
The most high profile visit was in June 2019 which was the businessman’s only visit to Ireland while President of the United States.
The two night visit by the President provided a wind-fall for the resort when it received €107,625 for providing food and catering to Gardai on overtime protecting the President.
At the end of last year, the company’s shareholder funds totalled €16.98 million.
This was made up of €16.7m in accumulated losses offset by €33.77m in other reserves.
The company last year recorded a gross profit of €6.1m and administrative expenses of €7.47m offset by ‘other operating income’ of €1.84m resulted in the operating profit of €509,892
Former President Trump and his daughter, Ivanka stepped down as directors from the company on January 19th 2017 - one day prior to President Trump’s inauguration.
The accounts were only signed off by directors, Eric Trump and General Manager, Joe Russell last Thursday on November 24.
READ NEXT :
Ryan Tubridy makes convincing Scarecrow during Wizard of Oz themed Toy Show
Trial of three men charged with murder of Irish teen expected to go ahead
Family of murdered Nicola Furlong 'devastated' as killer returns to life in US
Widow of prolific criminal killed in crash wants mum’s stolen purse returned
Qatari comedian who grew up in Ireland emerges as World Cup star
Get breaking news to your inbox by signing up to our newsletter