Accumulated profits at Dermot Kennedy's music firm surge to €6.4m

Gordon Deegan

Accumulated profits at the main entertainment firm owned by one of the country's most popular artists, singer-songwriter Dermot Kennedy, last year surged to €6.4 million.

That is according to new accounts which show that Kennedy’s Riggins Recording Ltd recorded post-tax profits of €1.89 million in the 12 months to the end of June last.

The profits of €1.89 million at the firm for last year followed the company recording post tax profits of €2.2 million in the prior year.

This Summer, the Rathcoole man’s career will reach new heights when he plays two gigs at the Aviva Stadium in Dublin in July ensuring a massive pay day for the artist.

Kennedy will become the first Irish solo artist to achieve the milestone of performing two consecutive nights at the Aviva.

Cash funds at the company last year increased by €2.79 million from €3.74 million to €6.53 million.

Best known for hit tunes such as ‘Giants’, ‘Paradise’, ‘Better Days’, and ‘Outnumbered’, Kennedy is set to add to his company’s coffers this week with tour performances at venues in Berlin and Bonn in Germany.

The dates are part of a worldwide tour where Kennedy is also due to play at venues at France, Belgium, Switzerland, and the Netherlands before commencing a UK leg at the end of the month that will culminate in a gig at London’s O2 arena on June 5th.

The global tour also takes in dates in Japan, the US, and finishing in Australia and New Zealand.

The filing of the accounts follows the April release of Kennedy’s The Weight of the Woods album which is his first studio album since Sonder released in November 2022.

The €1.89 million profits last year were achieved after taking into account non-cash amortisation costs of €790,000 that did not occur in 2024.

The profit also takes into account foreign exchange losses of €277,117.

The accounts show that director's pay totalled €331,376 made up of €250,000 in pension contributions and €81,376 in remuneration.

At the end of June 2025, the company’s shareholder funds totalled €14.3 million that included €7.89 million from a share premium account which arose on the issue of shares in 2023.

Signed off on March 22nd by the 34-year-old Dermot Kennedy, the accounts show that the value of the company’s unlisted investments has increased from €1.24 million to €2.32 million. Numbers employed by the company was two.

Kennedy’s popularity has reached new levels following his initial break-through when he took the No.1 slot in both the official Irish singles and album charts with ‘Giants’ and ‘Without Fear’.

Kennedy’s debut album, Without Fear, achieved multi-platinum status with top 10 single, ‘Outnumbered’ as well as hit tunes, ‘Power Over Me’ and Giants’.

Kennedy has won the RTÉ Choice Music Prize Irish Song of the year for 2021 for his song, ‘Better Days’.