Graeme McDowell receives $2.1m dividend from golf firm

Profit comes after company took hit in 2019 after hurricane wiped out Bahamas holiday home

Graeme McDowell pictured after putting at the 18th green of Mount Juliet Golf Club during the Dubai Duty Free Irish Open this summer. Photograph: Peter Fitzpatrick/Inpho

Graeme McDowell pictured after putting at the 18th green of Mount Juliet Golf Club during the Dubai Duty Free Irish Open this summer. Photograph: Peter Fitzpatrick/Inpho

 

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”.

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.