New accounts filed by the Dublin-based Gestifute International Ltd show it recorded the 91pc jump in pre-tax profits as revenues increased by 88pc from €38.86m to €73.14m.
The highly profitable firm last year paid a dividend of €45m. This followed a dividend of €29m paid in 2022.
Gestifute was founded by super-agent Jorge Mendes, who split in 2022 with his most prized client, Cristiano Ronaldo, after a long professional association together.
However, the new accounts show the Irish unit’s business had its best ever year in 2023.
The directors’ report attached to the accounts does not explain why there was almost a doubling in business last year.
But the increase in business coincided with a record transfer window in Europe’s richest league, the Premier League, where clubs spent £2.36bn (€2.83bn) on new players.
Jorge Mendes
Some of the players on Gestifute books include Liverpool’s Darwin Nunez, Fulham’s Adama Traore, and Bernardo Silva, of Manchester City.
The move by Mr Mendes to set up the Irish unit also provided a boost to the Irish exchequer, with a corporation tax charge of €8.37m last year – almost double the tax charge of €4.26m in 2022.
After the corporation tax charge of €8.37m in 2023, the company recorded post-tax profits of €58.9m.
Gestifute and Cristiano Ronaldo split in 2022. Photo: Getty
The principal activity of the Irish company is providing intermediary, consultancy and marketing services to professional sports people and sporting organisations. The directors state that the main business risk is the ability of clients to switch to other intermediary consultancy providers.
The cash generated by the firm from operating activities before tax was paid last year totalled €50m.
The Irish company has its registered office at One George’s Quay Plaza, George’s Quay in Dublin 2, and the directors state that the company plans to continue its present activities and current trading levels.
Gestifute International Ltd had accumulated profits of €62.63m at the end of 2023, while its cash pile decreased from €10.8m to €6.26m.
The company employed nine people, made up of three directors and six in administration. Last year, staff costs increased from €666,085 to €744,396. Pay to directors last year totalled €264,923.
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