The company, owned by Amir Afsar, operates several McDonald’s outlets in Dublin, Wicklow, and Wexford, including the historic Grafton Street store, which opened in 1977.

According to new accounts, Persian Restaurants Ltd saw revenues rise by 9% from €48.28 million in 2022 to €52.72 million in 2023. The pre-tax profit of €4.68 million marked a significant turnaround from the previous year’s pre-tax loss of €220,497, which was primarily attributed to a €5.6 million payout to directors.

In 2023, director remuneration was reduced to €531,557, comprising €487,000 in emoluments and €44,557 in pension contributions—less than 10% of the 2022 payout.

The company also operates McDonald’s outlets at Nutgrove Shopping Centre and Frascati Shopping Centre. Post-tax profits for 2023 stood at €4.07 million, following a corporation tax charge of €614,737. The profit included non-cash depreciation costs of €1.24 million. By the end of December, Persian Restaurants Ltd reported accumulated profits of €19.59 million and cash reserves of €19 million.

Another McDonald’s franchisee, Elaine Sterio, who operates five restaurants in Co. Louth and north Dublin under Glenellen Restaurants Ltd, also reported increased revenues. Her company’s turnover rose by €3.1 million, from €21.52 million in 2021 to €24.68 million in 2022.

However, pre-tax profits declined by 20%, from €1.47 million to €1.16 million, amid rising staff costs, which increased from €7.05 million to €7.7 million. The number of employees decreased from 342 to 320.

McDonald’s is currently undertaking a €40 million expansion plan in Ireland, which aims to create 1,000 new jobs over the next four years.

The fast-food giant, which operates 95 restaurants across Ireland, all run by franchisees, has invested €42 million between 2018 and 2023 in refurbishing existing outlets and opening new locations.