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Dublin: 12 °C Saturday 17 November, 2018
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Denis O’Brien is making more money from his petrol stations

The company has laid out a €20 million programme of investment.

Image: Wikicommons

FIGURES FROM TOPAZ Energy for the past year have shown a jump in operating profit of 9%.

This saw an increase to €13.9 million from €12.6 million the previous year.

The accounts published today look at the performance of the company between April 2013 and March 2014. Overall its total turnover came to more than €2.9 billion.

In a statement today the company also announced that it intends to have completed its acquisition of Esso by the end of the year.

Investment 

As part of their announcement today continued investment of €20 million was also announced. This follows the opening of two new service stations in Dublin and Laois earlier this month. 

Part of this will go towards the extension of the Topaz and ReStore brands into the Esso network of petrol station and convenience stores.

The company’s balance sheet underwent a “major restructuring” in 2014 which brought in €128.5 million in investment from shareholders and a reduction in the group’s borrowing of over €120 million.

This reduced the groups debt by around 85%.

Speaking about the restructuring process, Emmett O’Neill, who took over as the CEO of the company earlier this month, said:

This had freed up the resources we need to make a really substantial investment in the business in Ireland and to ensure that we regain our leadership position in the sector here.

The company currently has more than 330 stores across Ireland and employs 1,512 staff. This was an increase of 23 in staff numbers from the previous year.

At the end of March 2014 the companies total assets stood at €76 million.

Esso takeover

The company, which is owned by telecommunications billionaire Denis O’Brien, announced before Christmas that it would be taking control of the Esso brand.

This process, which Topaz has said it wishes to complete before the end of the year, will see 38 garages changing hands. The deal will also see the company supplying an additional 60 stations operated by independent dealers.

Read: Over 100 jobs created at two new service stations in Dublin and Laois

Also: Denis O’Brien-owned Topaz to take control of 38 Esso stations

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