The Irish arm of Monster Energy-branded drinks last year saw sales grow by 40 per cent to €196.39 million.
New accounts show that American Fruit and Flavours Ireland (AFFI) recorded the revenue increase ahead of getting planning permission to allow for a doubling of its Irish workforce to 100 at Townparks Industrial Estate, Athy in Co Kildare.
The accounts for AFFI show that it recorded a pretax loss of €47.07 million last year, mainly due to non-cash amortisation costs of intellectual property of €115 million.
The loss was 27 per cent down on the pretax loss of €64.5 million in the previous year, which was also brought about by non-cash amortisation costs.
In a report accompanying the numbers, directors said they “expect that the company will be profitable in future years”.
Owned by Nasdaq-listed Monster Beverage Corporation, AFF Ireland looks after manufacturing and distribution of Monster Energy drink products across Europe, the Middle East and Africa.
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Directors said “the company intends to expand its supply of recipes and formulae for all the non-US companies within the group”.
After incurring the non-cash amortisation costs of €115 million the company recorded an operating loss of €38.54 million, while net interest payments of €8.5 million resulted in the pretax loss of €47 million.
The company had a post-tax loss of €49.4 million after incurring a €2.36 million corporation tax charge.
On the business’s expansion plans at Athy, a note attached to the accounts confirmed the “large-scale manufacturing expansion project” has commenced.
“Directors expect that the company’s manufacturing levels and associated revenue will increase by 2024, on successful completion of the project,” the note read.
Numbers employed last year more than doubled from 18 to 39 as staff costs climbed from €1.21 million to €2.42 million. Directors’ remuneration increased from €144,545 to €198,681.
At the end of December, the firm had a shareholders’ deficit of €1.76 million. Its cash funds increased from €10.32 million to €17.24 million.
