Profits at the company that manages businessman Denis O’Brien’s Quinta do Lago golf resort in the Algarve surged last year.
Accounts for UK registered Algarve Golf Courses Ltd, show that a subsidiary that manages the complex in Portugal – Sociedade do Golfe da Quinta do Lago SA – made a profit after tax of £6.28 million (€7.22 million) for 2024.
That is a 52 per cent increase on the £4.13 million profits earned for 2023.
Accounts for UK registered Algarve Golf Courses Ltd, show that a subsidiary that manages the complex in Portugal – Sociedade do Golfe da Quinta do Lago SA – made the £6.28 million profit in the year to the end of December 2024.
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The subsidiary closed the 2024 financial period with capital and reserves of £27.58 million.
The directors for Algarve Golf Courses Ltd said they were satisfied with the performance of the Sociedade do Golfe da Quinta do Lago in 2024.
Mr O’Brien bought the Quinta do Lago resort in 1998, and has expanded it in the years since. It comprises three golf courses, hotels, a sports campus and residential units.
The bumper year for the business coincided with Mr O’Brien extending his business footprint in Portugal in 2024 where he completed the purchase of Conrad Algarve in Quinta do Lago for around €200 million.
The resort comprises a 134-room and 20-suite Conrad Algarve in Quinta do Lago which also includes a luxury spa, a techno gym and various restaurants.
The €200 million purchase followed Mr O’Brien disposing of some of his Irish based business interests in recent years including his shares in Independent News & Media, his stake in the Beacon Hospital and his radio station group Communicorp.
At the end of 2024, Algarve Golf Courses had net assets of £7.27 million – unchanged from the end of 2023. The directors noted that it did not make a profit in 2024 as it did not trade.
Separately, accounts for another Denis O’Brien-owned entity, Catalunya Golf Ltd show that it recorded a pretax loss of £1.53 million last year which was more than double the pretax loss of £761,915 in 2023.
The 2024 loss arose chiefly from a foreign exchange loss of £1.53 million and finance expenses of £515,572.
The firm is a holding company for companies engaged in the ownership and management of golf courses and the directors state both the level of business and the year end financial position were satisfactory.
