By Gordon Deegan

The pig operation co-owned by president of the Irish Farmers’ Association (IFA), Tim Cullinan, has this year recorded profits of €666,340.

That is according to new accounts lodged by Cullinan’s Woodville Pig Farms Ltd., which show that the company’s accumulated profits increased by €666,340 from €7.294 million to €7.96 million in the 12 months to the end of March of this year.

The post-tax profit of €666,340 follows post-tax profits of €1.62 million in the 12 months to the end of March 2020.

The buoyant performance by the business – located 10km northeast of Nenagh, Co. Tipperary – came against the background of a slight increase in the price of pig meat for 2020.

Expansion of pig operation

However, prices have reduced this year and last year, Cullinan’s firm secured planning permission from Tipperary County Council for an expansion of his piggery operation.

The proposed development involves the number of sows, piglets and gilts to increase from 1,029 to 2,170, with weaner numbers to increase from 3,860 to 8,400 while pre-finishers are to total 3,900.

Woodville currently has a licence application before the Environmental Protection Agency (EPA) in connection with the expansion, and has in recent days lodged an odour impact assessment with the agency.

The accounts for Woodville Pigs Ltd. show that the cash pile at the Cullinan company this year increased from €3.28 million to €3.46 million.

Numbers employed by the business last year reduced by one to 17.

The directors of the company are listed as Tim Cullinan and his wife, Margaret and the two own the business. Pay to directors last year remained static at €70,600.

Profits at the company

The profit takes account of non-cash depreciation costs of €147,962.

The book value of the company’s livestock at the end of March this year totalled €1 million.

The value of the firm’s tangible assets totalled €5.8 million in March.

The profit of €666,340 in the 12 months to the end of March this year followed strong profits over recent years – profits of €1.62 million for fiscal year 2020; profits of €543,662 in the prior year; €448,609 for fiscal year 2018 and €609,086 in fiscal year 2017.

62-year-old Tim Cullinan was elected to the IFA president’s role in December 2019 following a count of almost 23,000 votes from 944 IFA branches countrywide, and the married father-of-two took up the role in January 2020.

The IFA president has a long history in the organisation and before his stint as national treasurer, he had served as chairman of its pig committee and chairman of north Tipperary IFA.