TIFCO, an Irish hotel operator, reported a significant profit rise, largely due to hosting refugees.

TIFCO, one of Ireland's largest hotel operators, reported a 28% rise in pre-tax profits to €21.73 million last year, largely due to state contracts for housing refugees. Revenues increased by 14% to €49.3 million, aided by a €5 million gain from asset sales, including the Crowne Plaza Hotel in Dundalk. Despite reducing staff from 316 to 254, employment costs rose to €11.98 million. The company also received €16.2 million for accommodating refugees in 2021.

November 22, 2024
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