A Cork-based company providing accommodation for International Protection (IP) applicants and Ukrainians has reported significant profits. Peppard Investments Holdings Ltd, which operates Riverside Park Hotel in Macroom, County Cork, and Abbeyfield Hotel in Ballaghaderreen, County Roscommon, saw operating profits reach €9.95 million last year.
According to accounts filed, the group generated revenues of €28.1 million. Its subsidiary, Next Week and Co Ltd, manages both hotels, one serving as an Emergency Reception and Orientation Centre (EROC) for refugees. Peppard Investments Holdings primarily focuses on property development, emergency reception, orientation, and accommodation centers.
The company achieved a pre-tax profit of €8.7 million after paying €1.23 million in interest. After accounting for corporation tax, the group’s post-tax profit stood at €7.53 million. The group’s workforce expanded to 116 employees, with staff costs totaling €3.12 million in 2023. These profits, which include €441,610 in non-cash depreciation costs, strengthened the group’s balance sheet, resulting in shareholder funds of €16.58 million by December 2023.
Next Week & Co Ltd continues to receive substantial income from accommodating IP applicants and Ukrainians. Public records reveal the company received €8.2 million in payments from the Department of Children, Equality, Disability, Integration, and Youth for the first six months of 2024.
Recent figures released by Minister Roderic O’Gorman indicate that Ireland’s expenditure on accommodating IP applicants reached €748.87 million up to October 11th, 2024. Projections suggest that the number of IP applicants arriving in Ireland this year will be 69% higher than 2023 figures. Furthermore, the 2024 spend has already surpassed the total outlay for 2023, which amounted to €651.7 million. If spending maintains its current pace, the total 2024 bill is projected to reach approximately €960 million.
The average daily spend for accommodating IP applicants increased to €2.63 million in 2024 compared to €1.78 million in 2023.
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