Accumulated profits at Graeme McDowell firm climb to $17.4m
Graeme McDowell’s mixed form on the fairways had no impact on his earning power off the course last year as pre-tax profits at his golf promotion firm increased to $3.7m (€3.2m).
The pre-tax profits enjoyed by G-Mac’s firm, Boyport Services Ltd resulted in the company having accumulated profits of $17.4m at the end of December last.
During the year, 39-year-old G-Mac was able to pocket $1.4m in dividends from the company and this followed dividends of $1.7m in 2016.
The company recorded the strong profits after the firm’s recorded a gross profit of $3.2m but also benefited from $536,604 in investment income along with an additional $220,887 through gains and interest receivable.
The strong performance by the company coincided with G-Mac having a difficult time on the golf course in 2017 when he tumbled 103 places down the World Rankings from 82 to 185.
The pre-tax profits at the company of $3.7m follow pre-tax profits of $3.64m in 2016.
The company recorded a post tax profit of $2.95m after paying corporation tax of $752,028.
The company’s cash pile last year declined from $4.17m to $3.29m.
During the same period, the company added to the value of its fixed assets with the value of fixed assets increasing from $4.23m to $6.7m and the value of the company’s investment properties declined going from $6.8m to $6.6m.
In 2017, McDowell enjoyed earnings PGA tour earnings of $639,770.
McDowell won the US Open in 2010, and also has 13 other European Tour titles and two other PGA Tour titles to his name.
The Portrush man is currently battling to retain his PGA tour card.
McDowell has invested wisely off the golf course and has opened two restaurants in Florida where he lives.
In early 2013, McDowell opened the upscale restaurant and sports bar, the Nona Blue Modern Tavern outside Lake Nona in Orlando where a must-try item is the ‘G-Mac and Cheese’.
In 2016, McDowell opened a second restaurant, also called Nona Blue in Ponte Vedra Beach in Florida just outside the gates of PGA tour headquarters.
G-Mac has also launched his own clothing label, G-Mac Apparel.
The wealth of G-Mac’s firm has increased dramatically in recent years and away from his commercial and golf activities, the golfer operates The G-Mac Foundation whose mission is to support children’s medical research in Northern Ireland, the Republic of Ireland and the US.
McDowell turned pro in 2002 and established Boyport Services that same year to manage his commercial success.
