PRE-TAX profits at a County Limerick company involved in the manufacture of protective face masks have dropped by more than 50 per cent to €10.4 million for the year to last March.
Jahan Manufacturing, which trades as Irema Ireland at the Kilmallock Business Park, reported that its revenues for the 2022 financial year had also declined by over 40 per cent to under €20.2 million.
Irema manufactures a synthetic polypropylene material used to produce surgical and respirator masks for medical use, as well as air filters and materials for manufacturing HVAC air filters.
The company directors reported that turnover continued to benefit from the increased demand for its products due to the Covid-19 pandemic. The results were “as expected by the directors”.
The company is investigating new markets and materials which they hope will increase turnover.
Sales and profitability surged during the pandemic when the workforce increased to155 and production grew to a million masks a week.
In its most recent accounts, the company reported that it employed a monthly average of 91 staff, down from 155 in 2021. It also paid a dividend on equity shares worth €4.5 million over the year, down from €6 million in 2021.
