Arrow Group Ltd, which is owned by the Queally family, recorded a profit of €23.2 million in the 12 months to December 2024, accounts for the company have revealed.

The group's profits in 2024 were an increase on the €20.3 million that the company recorded in 2023.

Before tax, Arrow Group Ltd recorded profits of €28.3 million in 2024, up from €24.3 million in 2023.

According to the accounts, the group paid a dividend of €1.8 million in 2024, the same as it paid the previous year.

The group's turnover was down €11.1 million from €759.1 million in 2023, to €748 million in 2024.

However, notes that are attached to the accounts said that 2024 delivered a "positive trading year" for the group.

Elsewhere, the cost of sales decreased from €654.9 million in 2023, to €642.1 million in 2024.

The accounts highlight that there "continues to be challenges" surrounding the global economic situation, caused by conflicts in Ukraine and the Middle East, and the threat of tariffs.

However, the group said that it has "not been impacted directly" by these challenges, but there has been "inflationary price increases in raw materials and other overheads".

It said: "The group manages energy costs through forward contracts and day-ahead rates to mitigate against sudden increases in price for electricity and gas.

"Working capital requirements have decreased during the current year. The group systematically reviews these requirements to ensure they are managed effectively. The group [is] confident of the ongoing support of our bankers," it added.

According to the accounts, the average monthly number of persons employed by the group in the financial year was 2,217, down from 2,238 in 2023.

The total costs of staff were €107.5 million in 2024, up from €99.6 million in 2023.