The sharp decrease in losses at the stud and farm operation came as revenues at Godolphin Ireland Ltd increased by 17pc, from €27.44m to €32.13m.
Godolphin’s operation in Ireland comprises five farms in Co Kildare, one in Co Meath and two in Co Tipperary, and numbers employed by Godolphin last year increased by two to 227.
The HQ for the operation here is Kildangan Stud, just outside Kildare town.
Kildangan itself is home to the Irish-based Darley stallions, and the farm extends to almost 1,500 acres, with combined accommodation for more than 400 horses.
Ruler of Dubai and vice-president of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, is one of the world’s richest leaders and is one of the most famous names in the world of horse racing.
Godolphin’s ‘Hall of Fame’ horses include the Irish-trained Dubawi and Masar.
Losses at Godolphin Ireland Ltd in 2023 follow losses of €8.09m in 2022, €4.23m in 2021, €8.36m in 2020 and €10.77m in 2019.
A major contributor to the losses is the firm’s high operating lease rentals of €12.98m last year and €11.43m in 2022.
Staff costs increased marginally from €13.22m to €13.29m while overall pay to directors reduced from €698,997 to €541,270. The principal activity of the group is stud, arable and livestock farming.
Nomination fee income last year increased by 25pc from €20.14m to €25.15m while Godolphin Ireland recorded “keep fees” income of €5.9m, farm income of €613,021, breeding rights of €375,000 and leasing income of €53,085.
The loss takes account of non-cash depreciation costs of €2.2m.
The loss resulted in Godolphin Ireland having accumulated losses of €199m at the end of last year and a shareholders’ deficit of €171.23m. The firm’s cash funds increased from €2.99m to €7.2m.
The book value of the company’s tangible assets totalled €74.4m.
The firm last year generated cash €3.77m from operating activities.
The directors state that Godolphin Ireland has received confirmation of continued support from Reliance Holdings, a group company, and it will settle all third party liabilities. At the end of December, Godolphin Ireland owed €269.68m to Reliance Holdings.