Graeme McDowell receives $2.1m dividend from golf firm

Graeme McDowell last year received a dividend of $2.1 million (€1.8 million) from his golf firm.

That is according to new accounts for the Northern Ireland golfer’s Boyport Services Ltd which show it recorded a post-tax profit of $952,000 for 2020.

Last year’s profit followed the company taking a $616,639 hit in 2019 after a hurricane wiped out a holiday home on the island of Grand Abaco in the Bahamas owned by the 2010 US Open winner’s firm. Providing an update, a note states the investment property is currently being reconstructed with the value of the reconstruction in 2020 put at $710,043.

On the impact of Covid-19, a note attached to the accounts states “the company has continued to trade satisfactorily, albeit at reduced levels”.

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The $2.11 million dividend last year follows dividend payouts of $1.42 million in 2019 and $2.87 million in 2018.

At the end of December 2020, the company had accumulated profits of $15.13 million while the company’s cash funds increased from $2.95 million to $3.23 million.

The value of the company’s investments last year increased from $8.15 million to $9.89 million as the value of its tangible assets increased from $1.59 million to $2.3 million.