McDonald’s Ireland paid a massive €118m in dividends in to its parent company in the UK last year. Accounts for the 2016 financial year show McDonald’s Ireland paid a dividend of €31.50 per share to its UK parent, which is an increase on the €3.07 per share dividend paid out last year.

The fast-food giant saw operating profits at its Irish subsidiary increase by 14% to €15.7m, as profit margins widened 200 basis points to more than 18%. Pre-tax profits for the year were up 13% to nearly €16m, while sales increased by 2% to €86.6m.

McDonald’s opened two new outlets in Ireland last year, bringing the total number of restaurants in the country to 91. Of these, just nine premises are directly owned by the McDonald’s corporation. The remaining 82 restaurants are operated by private individuals under the franchise model. These outlets must source all of their ingredients and products directly from McDonald’s Ireland, which accounts for the bulk of its sales.

McDonald’s is a key customer for a number of Irish agribusinesses including Kerry Group, Dawn Meats, Slaney Meats and Lakeland. In total, McDonald’s sources more than €200m worth of food from Ireland. It is the single largest buyer of Irish beef in volume terms, sourcing 40,000t of Irish beef every year.

McDonald’s 3.75m daily customers want local food

McDonald’s Ireland pays €118m in dividends to parent company

The Irish arm of McDonald’s also reported a 13% jump in profits for its 2016 financial year.