Members of the McKenna family, who own electrical appliance and tech retailer Power City, last year shared dividends of €20m.
New accounts show that McKenna family owned Power City Ltd paid out the €20m dividends as pre-tax profits declined by 13% to €4.16m in the 12 months to the end of September last.
The drop in profits followed revenues dipping marginally by 1.7% from €92.85m to €91.3m.
The dividend payout of €20m followed a dividend of €1m in 2024.
The McKenna family last year paid out the €20m dividend after recording strong annual profits over a number of years to build the firm’s accumulated profits to €123.28m at the end of September 2024.
After the dividend pay-out, offset by post tax profits of €3.7m last year, the firm’s accumulated profits at the end of September 2025 totalled €106.65m.
On the firm’s 2025 performance, the directors state that trading activity during the period continued satisfactorily.
The directors state that they are confident the company can continue to trade satisfactorily for the foreseeable future.
The €4.16m in pre-tax profits of last year follow pre-tax profits of €4.79m in the prior year.
The company recorded operating profits of €3.28m last year and benefited from other finance income of €879,000.
The other finance income was made up of €182,000 in interest received on “deposit account” and €697,000 in net interest income on pension scheme assets.
The company recorded post tax profits of €3.7m after recording a corporation tax charge of €455,000.
The net cash generated from operating activities last year totalled €11.8m.
The firm had an outlay of €357,000 on the purchase of tangible fixed assets and this followed an outlay of €869,000 under that heading in fiscal 2024.
Directors Liam T McKenna, Dermot B McKenna and Sinéad McKenna shared aggregate pay of €1.16m last year which was made up of €918,000 in directors’ emoluments and €251,000 in post employment benefits.
The €1.16m in directors’ pay was up marginally on the directors’ pay of €1.15m for the prior year.
The profit last year takes account of non-cash depreciation costs of €1.7m.
Numbers employed reduced from 231 to 214 as staff costs increased slightly from €10.56m to €10.6m.
Cash funds decreased from €39.54m to €31m during the year.
Shareholder funds totalled €107.97m.
Power City’s 11 stores are located in the eastern part of Ireland with its Dublin stores at Tallaght, Sallynoggin, Blanchardstown, Finglas, Coolock, Fonthill, Carrickmines, Swords, while there are also stores in Bray, Naas and Drogheda.
Reporting by Gordon Deegan
