Revenues increased to €12m for Parknasilla in 2024
New accounts for hotel operator Silork Ltd show that operating profits increased by 11pc to €2.4m in 2023.
Operating profits rose as revenues dipped slightly in 2023 from €11.55m to €11.52m.
Managing director Tony Daly said revenues increased to €12m for 2024 and they are projecting revenues of €12.5m for this year.
Mr Daly said earnings at the firm will be down slightly in 2024 due to higher costs.
Irish customers account for close to 80pc of the hotel's client base, Mr Daly said.
'They are holding up very strong this year, as are US customers which account for between 15pc and 18pc,' he said.
The resort is owned by billionaire Jacqui Safra. Directors state that turnover in 2023 held steady and operating profit increased 'delivering a positive profit before tax for the period'.
The company recorded pre-tax profit of €1.3m after paying out interest charges of €1.09m.
The profit also takes account of non-cash depreciation costs of €478,861.
The pre-tax profit of €1.3m followed a pre-tax loss of €401,444 in 2022 which was mainly due to interest charges and similar charges of €2.56m for that year.
Parknasilla resort comprises an 86-bedroom luxury hotel and spa along with 38 villas and 24 lodges.
The resort also comprises a nine-hole golf course.
In the accounts, signed off on last Friday, May 30, the directors state that a US dollar loan was refinanced fully in April 2025.
The company secured a new €20m loan facility to refinance existing debt.
They state that a euro-denominated loan replaced the US dollar loan, thereby taking away the risk of foreign exchange movements that have impacted the profitability of the company in the financial periods prior to the refinance.
Numbers employed in 2023 increased from 119 to 121 and staff costs decreased from €4.02m to €3.89m.
The directors state that the business enjoys high annual demand with up to 48pc repeat business and has an established business with a strong national and international reputation.
They state that there is ongoing investment in guest facilities, digital technology upgrades, and sustainable plant and equipment.
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