Pre tax profits at Tifco Ltd rose 4pc to €22.6m in 2024 supported by state contracts for refugee accommodation. Revenues declined 28pc to €35.56m following the sale of the Crowne Plaza Blanchardstown to parent company Bohrmount Ltd in March 2024 which generated a €9.16m gain on disposal. The group received €21.2m including VAT from the Department of Integration for international protection accommodation during the year with a further €16.57m in the first three quarters of 2025.
Tifco operates 24 hotels with nearly 3,000 bedrooms including brands such as Crowne Plaza Hilton and Holiday Inn Express primarily in Dublin. Employment fell from 254 to 145 with costs dropping from €11.98m to €7.87m while shareholder funds reached €184.58m including accumulated profits of €91m. Directors noted ongoing engagement with direct provision contracts and described the financial position as satisfactory.
Tifco hotel group shared in a written statement “Hotels in the group are still engaged with state contracts relating to direct provision for refugees which contributed to the results for the year.”
