Turnover at Joe Duffy Motor Group increased by 7 per cent in 2023 compared to the previous year, growing from €544 million to €583 million.
The group’s latest accounts show an increase in operating profit, rising from €37.315 million in 2022 to €39.353 million in 2023. It is the company’s 16th consecutive year of growth in turnover and profit.
According to the director’s report, the company is continuing to invest in electric vehicles and the aftersales care of battery-operated cars. The report also says the company wants to strengthen its presence in the used car market through its online platform ZuCar.
Overall, JDM Automotive Limited saw a 4.03 per cent increase in gross profit in 2023, rising from €36.525 million to €37.998 million.
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Net profit stood at €33.1 million in 2023, a rise from 31.9 million in 2022. The group did not issue dividends to shareholders at the end of 2023.
While the company saw an increase in profit it also saw a rise in the cost of its sales, up from €494 million in 2022 to €528 million in 2023.
The group had stock valued at €89 million at the end of 2023, breaking down into €30.5 million in used vehicles, €56.5 million in new vehicles and €2.7 million in spare parts. This is an overall increase on the value of their stock value for the previous year, which stood at €85.7 million.
Staff costs totalled €28.6 million at the end of 2023, a rise from €25.4 million the previous year. The average number of employees in the company now stands at 602 people.
There was also a change in staff numbers between sales, services and administration. In 2023, 114 people were working in sales at JDM Automotive compared to 120 people in 2022. On the service side of the business, the number of people increased to 321, up on 311 the previous year.
The number of people working in administration at the company increased marginally from 166 in 2022 to 167 in 2023.
In 2022, the group received €1.78 million to balance out the negative impact of Covid-19, however, there was no State grant received by the company in 2023.
The group has 22 locations across Ireland in Dublin, Navan, Cork, Drogheda, Athlone and Limerick.
JDM Automotive was contacted for comment.
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