Losses almost double at Godolphin’s Irish operation

Losses at Sheikh Mohammed bin Rashid Al Maktoum’s Godolphin thoroughbred stud operation here almost doubled to €8.1 million last year.

The 91 per cent increase in losses at the stud and farm operation came as revenues at Godolphin Ireland Ltd declined 12 per cent to €27.44 million.

In accounts filed with the Companies Registration Office, the company directors said the revenue drop was due to a decrease in nomination fees last year.

Godolphin’s operation in Ireland comprises five farms in Co Kildare, one in Co Meath and two in Co Tipperary. Numbers employed totalled 225 which included 190 stud and farm employees.

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The headquarters for the operation here is Kildangan Stud, just outside Kildare town.

Kildangan itself is home to the Irish-based Darley stallions and the farm extends to almost 1,500 acres with combined accommodation for more than 400 horses.

Ruler of Dubai and vice-president of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, is one of the world’s richest leaders and is one of the most famous names in the world of horse racing.

Losses at Godolphin Ireland Ltd in 2022 follows losses of €4.23 million in 2021, €8.36 million in 2020 and €10.77 million in 2019.

A big contributor to the losses is the operating lease rentals of €11.43 million in 2022 and €12.38 million in 2021.

Staff costs increased from €13 million to €13.2 million while overall pay to directors reduced from €719,412 to €698,997.

Along with the nomination income of €20.14 million, Godolphin Ireland recorded “keep fees” income of €6 million, farm income of €564,450, breeding rights of €587,500 and leasing income of €78,876.

On the risks facing the company, the directors state that “a reduction in horse numbers by our main client, Godolphin Management Company Ltd would also impact on both nominations and keep income”.

The loss resulted in Godolphin Ireland having accumulated losses of €193.4 million at the end of last year and a shareholders’ deficit of €165.55 million.

The firm’s cash funds declined from €5.54 million to €2.99 million.

The directors state that Godolphin Ireland has received written confirmation of continued support from a group company, Reliance Holdings Ltd and that it will settle all third-party liabilities.

At the end of December last, Godolphin Ireland owed €64.67 million to Reliance Holdings Ltd and owed another €74 million to another connected company, Agroyo Ltd.