Pre-tax profits almost doubled to €426,883 at the firm which operates the National Ploughing Championships (NPC) last year.
New accounts show that the National Ploughing Association of Ireland (NPAI) recorded the surge in profits as revenues decreased by 9% from €6.76m to €6.14m in the 12 months to the end of January 2024.
The pre-tax profits of €426,883 last year follow pre-tax profits of €217,624 in the prior year.
At the end of January 2024, the not for profit NPAI was sitting on accumulated profits of €11.94m.
In September of last year, 244,000 attended the 2024 NPC event at Ratheniska, Co Laois and this was a 22% increase on the 200,500 who attended the NPC in 2023.
The profits of the past two years follow combined losses of €1.25m during the two Covid-19 impacted years of 2021 and 2020.
The accounts show that profits were boosted during the year by €894,751 in profits from the sale of investments while the company’s profits also increased due to a €509,675 increase in value of investments.
NPAI Assistant Managing Director, Anna Marie McHugh said that the NPA made an underlying operating loss in 2023 and the singular factor in the pre-tax profit was investments.
The NPAI’s cost base increased from €6.48m to €7.12m during the year.
Ms McHugh said that figures for the current year are not available but commented that the 2024 NPC “was one of the best ‘ploughing’ events in years in terms of exhibitor sales, attendance figures national and international, weather and general business being done”.
The company’s cash funds last year more than doubled from €1.36m to €3.3m while it disposed of €4.08m in investments during the year and also added €2m in investments.
Numbers directly employed increased by one to 19.
Ms McHugh said: “The National Ploughing Championships is coming off the back of a massively successful event last September and we are moving to a new venue at Screggan, Tullamore for this year’s event on 16th, 17th, 18th September which is always exciting for everyone involved.
She said: “The ploughing event is a great financial injection to a region and we receive massive support from the host community.
Ms McHugh said that inquiries “for exhibitions are excellent at this time, with bookings opening late February and plans for events well underway the Association is exactly where we would hope to be at this point in time and looking forward to the future”.
Ms McHugh stated that the NPA Board very carefully manage the NPA finances and that is evident in the accounts when the Association is in profit even in a year when the “event” is not in profit.
Ms McHugh pointed out that the NPA is a not for profit company limited by guarantee, does not avail of any public funding to run the Association or the Ploughing event – which she said has an estimated economic impact of €70m to €80 million annually.
She said: “Based on that the NPA is a very important part of the rural Ireland economy and is in a strong position going forward for many more years.”
Reporting by Gordon Deegan
