THE northern operation of the family-owned Maxol Group pumped another £2.6 million into its reserves bank last year after increasing turnover at the pumps and in its shops.
Maxol Oil Ltd is the forecourt and convenience retailer division of the Dublin-headquartered group, established in 1920 by William McMullan.
Figures posted at Companies House show Maxol Oil had sales of £206.6 million in 2018 - up more than 10 per cent on the previous year's turnover of £186.5m.
Its gross profit remained largely on a par with 2017 at £9.6m, and following an exceptional gain of more than £320,000 on the sale of an asset, its bottom line for the year came in at £2,551,208, the accounts show.
Maxol Oil's immediate parent is Maxol Energy and its ultimate parent is McMullan Bros Ltd, both incorporated in the Republic.
Maxol Group, with a turnover in excess of €600m, directly and indirectly employs more than 1,000 people across the island of Ireland, although only 16 are listed on the payroll of Maxol Oil in Northern Ireland.
The group as a whole offers a wide range of products and services to the Irish and Northern Irish market through its convenience retailing, petroleum offerings, fuel cards and lubricant divisions and has a network of 231 service stations, of which 115 are company owned.
In Northern Ireland, Maxol operates 32 company-owned stations, almost all of which are freehold, as well as 61 independent dealer locations.
A strategic report reviewing the Maxol Oil business said that the company invested £1.2 million in 2018 on a large shop refit in its Glenabbey service station, close to Sandyknowes roundabout.
But the directors warned of a number of potential risks and uncertainties going forward, especially around Brexit.
They said the potential for a hard border "could create operational challenges and increase costs".
The company also pointed to risks to its profitability through exchange rate fluctuations, new entrants to the forecourt and food-to-go sector, severe weather impacting road traffic volumes, and the threat (albeit diminishing) of fuel laundering by criminal gangs operating on both sides of the border.
In May this year Maxol unveiled Irish rugby star Jacob Stockdale as its first-ever brand ambassador for the next three years in a move to enhance its association with the sport, which it has supported at under-age level for nearly three decades.
