Arrow Group, a leading meat processing company in the State, witnessed a significant increase in profits and revenue last year, enabling it to distribute a hefty dividend of €21 million to its shareholders. The company, which is owned by the Queally family, runs its operations not only across the region but also extends to the UK and Germany. The group observed a spike in their turnover reaching to €759.2 million in 2023, marking an ascend of 1.6 per cent, as per recent reports revealed by the Companies Registration Office.
In terms of post-tax profits, the company experienced a stellar growth from €11 million in 2022, to record a profit worth €20.3 million in the subsequent year. This upward momentum is attributed to a 3 per cent reduction in sales costs which totalled almost €655 million, alongside a similar dip in group distribution costs, which reduced to €16.8 million.
The records accompanying the filed accounts suggest that Arrow Group deploys measures including forward contracts and day-ahead contracts to competently manage energy costs, thereby countering unexpected price hikes in electricity and gas. The directors expressed optimism by stating that the company is adequately prepared to handle inflation risks and have contemplated different macroeconomic scenarios.
A total workforce of more than 2,000 people were employed by Arrow Group in the past year, and the company paid a whopping dividend of €21 million at the year’s end, a significant increase from the €10.6 million in 2022. The company also distributed an additional €1.8 million dividend during the year.
Arrow Group was established by the Queally brothers – John, Michael and Peter, and it operates a diverse range of businesses such as cold storage and a dog food processing plant in Naas, Co Kildare known as Irish Dog Foods.
John Queally, the surviving counterpart, maintains the largest share in the Arrow Group, owning close to 14 per cent. Other shares are possessed by family members, including Peter’s sons Liam, who serves as the managing director of Irish Dog Foods, and Ivor Queally, who is in-charge of the family’s meat processing and cold storage business operations in South Africa.