Profits in the rough for Graeme McDowell
Despite 43% in pretax profits, the dividend paid by the company doubles
In 2018 Graeme McDowell’s US PGA earnings totalled $581,024. Photograph: Francois Nel/Getty
Post-tax profits at golfer Graeme McDowell’s Boyport company fell last year 43 per cent to $1.673 million (€1.53 million). The company had profits of $2.95 million in 2017.
In spite of the drop in profits, McDowell doubled the dividend payout to $2.875 million last year, latest accounts show.
The payout contributed to the company’s accumulated profits declining by $1.2 million to $16.22 million at the end of December.
At the beginning of September, a holiday home on the Bahamas owned by the 2010 US Open winner was flattened by Hurricane Dorian. A note attached to the accounts states that the company’s investment property was affected by the hurricane.
The accounts for Boyport Services show that the book value of the company’s investments last year increased from $6.64 million to $7.9 million.
The company’s cash pile during year decreased sharply from $3.29 million to $777,897.
In 2018 Mr McDowell’s US PGA earnings totalled $581,024.
Mr McDowell, who won the US Open major in 2010, has invested wisely from the golf course, opening two restaurants in Florida where he lives. Mr McDowell also launched his own clothing label, G-Mac Apparel.