The operating surplus at the Royal Dublin Society (RDS) jumped last year by 65 per cent to €4.78 million.
The 2024 annual report for the RDS, which controls the eponymous 43-acre multipurpose quarter in Ballsbridge, shows that the society’s operating surplus increased as revenues rose by 8 per cent to €27.6 million. That included commercial related revenues of €21.29 million.
In his report for the philanthropic organisation, then chief executive, Liam Kavanagh stated that 2024 “concluded with a trading surplus of €4.95 million, restoring the Society to the underlying profitability levels achieved pre-Covid in 2018 /2019”.
Mr Kavanagh, a former managing director of The Irish Times, said: “Benefitting from well-controlled costs and buoyant market conditions, commercial income saw a significant increase of 14 per cent. This growth was supported by successful one-off international events which helped to offset the temporary absence of Leinster Rugby from September as the arena construction commenced.
READ MORE
Rent from the RDS Simmonscourt office development last year decreased by 9 per cent from €4.85 million to €4.4 million and Mr Kavanagh said that the Simmonscourt office development “is currently in a transition phase with new tenants, resulting in some loss of income”.
Former Fáilte Ireland boss, Paul Kelly, succeeded Mr Kavanagh in the role of RDS chief in September and last week the RDS announced a landmark naming rights partnership where its RDS Arena is to be renamed to ‘Laya Arena’ as part of the €52 million redevelopment programme, primarily of the Anglesea Stand and Grandstand.
The 20,000 capacity Laya Arena will stage its first event, the 2026 Dublin Horse Show next August.
At the end of December last year the society’s retained earnings totalled €68.5 million.
Numbers employed at the RDS last year decreased from 101 to 93 as staff costs reduced from €7.5 million to €7 million.
Remuneration of 25 key management in 2024 totalled €2.73 million which was down sharply on the €3.49 million paid out to 26 key management personnel in 2023.
Revenues were boosted by the RDS last year increasing membership fees.
A note states that the increase was the first time in five years to reflect the cost of providing services to members while joining fees for new applicants for membership also rose in 2024.
Advertised membership fees for 2026 range from €525 for Dublin based members and €425 for “country membership”, while the fees include a €50 credit towards food and drink purchases at the Member’s Club.
