décembre 6, 2021

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The two founding brothers of Daft.ie share profits of €15.37 million with others

The brothers behind Daft.ie, along with others, have shared a dividend of €15.37 million this year from the Distilled SCH group of companies online, according to calculations just submitted. Distilled SCH Ltd operates the daft.ie, adverts.ie and dondeal.ie websites.

The group’s pre-tax profit increased by 11 per cent to €4.52 million in 2020. The higher profit came despite a 4.5 per cent decline in revenue to €28.12 million.

A note attached to the accounts notes that earlier this year, board members announced and paid a dividend of €15.376 million. Daft.ie founders, Brian and Eamonn Fallon, each own 23.66 percent of the business.

Based on their stakes, each would have received a pre-tax dividend of €3.63 million as a result of this decision.

Distilled SCH Ltd was founded only in 2015 after the merger of Daft.ie operations along with its sister company adss.ie with Donedeal.ie subsidiary of Norway-based Schibsted Media.

The deal saw Distilled and Schibsted each own 50 percent of the shares in the group.

The property website Daft.ie was established in 1997 by the Fallons family, who were only 20 and 15 years old at the time.

Distilled SCH Ltd received dividends of €8.6 million during 2020 from subsidiaries and €7.2 million in 2019.

The directors said that since the end of last year, Distilled SCH Ltd has received a dividend of 5.12 million euros from Done Deal Ltd and 1.95 million euros from Daft Media Ltd.

On the impact of Covid-19 on the business, the board members said: “We have seen a decline in revenue over a number of months during 2020. However, current trends point to a recovery in revenue.”

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The number of employees increased from 126 to 133 as staff costs decreased by 4.4 percent from 11.04 million euros to 10.55 million euros. The salaries of board members decreased slightly from 467,249 euros to 459,358 euros.