Sysco Foods Ireland Pretax Profits Jump 19% to €28.24 Million on €651.64 Million Revenue

Sysco Foods Ireland, the Irish arm of the US food giant, reported a 19 percent increase in pretax profits to €28.24 million for the 12 months ending June 28th last year. Revenues for the Limerick-based company reached €651.64 million, an 8 percent rise from the previous year.

The company, formerly Pallas Foods, focused on existing customers, supplying food to thousands of hotels, shops, restaurants, pubs, healthcare, and educational facilities. It operates from a central Dublin location with seven regional centers and also distributes food products to other customers who prepare meals away from home in Ireland.

Sysco Foods Ireland employed 1,589 people, adding 57 staff to its administration, sales, and distribution departments. Staff costs rose 5 percent to €66.66 million. Aggregate directors’ remuneration for the five directors totaled €463,162.

Gross margins were 23 percent, one percentage point lower, achieved through cost management, strong supplier relationships, and product mix changes. The company has seen strong profits since recording significant Covid-19 related pretax losses of €8.8 million in 2021 and €24.17 million in 2020. After tax of €4.14 million, post-tax profit was €24.1 million. Shareholder funds stood at €168.38 million, including €124.59 million in accumulated profits, with cash funds increasing to €12.38 million.