The operation of State contracts to accommodate refugees helped pre-tax profits at the TIFCO group of hotels increase by 4% to €22.6m in 2024.
New accounts show that pre-tax profits increased at TIFCO Ltd as revenues decreased by 28% from €49.31m to €35.56m in 2024.
The directors state that on March 15, 2024, the group sold the Crowne Plaza Blanchardstown to immediate parent firm, Bohrmount Ltd which they say reflects the decrease in revenues at TIFCO.
The company recorded a gain of €9.16m from the disposal of tangible fixed assets in 2024 which boosted profits under ‘other operating income’ and this followed a gain of €5m under the same heading in 2023.
The firm recorded disposals of €42.52m in its tangible assets during 2024.
Underling the contribution of State refugee accommodation contracts to the TIFCO business, figures published by the Dept of Integration show that in the year under review, TIFCO Ltd received €21.2m (incl VAT).
Dept of Integration figures show that for the first three quarters of 2025, TIFCO Ltd received a further €16.57m (incl VAT) for accommodating International Protection (IP) applicants.
Tifco is one of Ireland’s largest hotel operators with almost 3,000 bedrooms located throughout the country with almost 2,000 rooms located in Dublin.
The 24-strong hotel group offers a combination of international hotel brands, with the Crowne Plaza Hotel at Dublin airport, the Hilton Hotel in Dublin Kilmainham, the Holiday Inn Express Dublin Airport and a collection of non branded hotels.
The directors state that hotels in the group “are still engaged with State contracts relating to direct provision for refugees which contributed to the results for the year.”
The directors state that they consider the year end financial position of the company to be satisfactory.
The €22.6m pre-tax profit for 2024 takes into account non-cash depreciation charge of €2.25m.
A note attached to the accounts states that the group recorded post tax profits of €20.58m “and strong operating cash was generated”. The group incurred a corporation tax charge of €2m.
Numbers directly employed reduced from 254 to 145 as employment costs decreased from €11.98m to €7.87m.
Shareholder funds at the end of 2024 totalled €184.58m that included accumulated profits of €91m.
Cash funds increased from €1.46m to €1.9m. A note states that the business was “well positioned with liquidity of €1.9m and retained reserves of €91.13m at the end of December 2024”.
Reporting by Gordon Deegan
