Profits at Ireland's biggest Domino's pizza franchisee, Shorecal, slipped last year to €8.8m (£7.8m) from €9.2m (£8.2m) in 2018, new accounts show.
Majority controlled by Northern Ireland's Caldwell family, investors including Domino's UK and the wealthy US-based Bronfman family took stakes in Shorecal last year.
Accounts for Shorecal, which controls about 30 Domino's Pizza outlets in Northern Ireland and the Republic, show that its revenue rose 6% to €53.7m (£48m) last year. Higher interest charges pushed its profits lower than in 2018, however.
There were no dividends paid by the company last year, compared to €4.6m (£4m) that had been paid in 2018.
Early last year, the Bronfman family, whose wealth stems from the Seagram drinks company, took a one-third stake in Shorecal.
Weeks later, the UK-based stock market-listed Domino's Pizza Group - which controls the franchise in Ireland, the UK, Switzerland and Liechtenstein - bought a 15% stake in Shorecal for €12.5m (£11m).
That transaction valued Shorecal at just over €83m (£74m).
Domino's Pizza Group said last year that Charles and Adrian Caldwell informed the company that a family office had expressed an interest to invest in the business. The UK group took the opportunity to invest alongside the Bronfmans.
Some of the Shorecal pizza outlets in Ireland have been among the busiest Domino's outlets in the world.
A number of years ago, the Caldwells paid more than €22m (£20m) to buy Irish Domino's outlets from former franchisees Kevin and Murph O'Driscoll.
The 2019 accounts for Shorecal - signed off in September this year - note that its business has continued to trade during the pandemic as it is deemed an essential service.
"The Covid-19 pandemic has had a negative effect on its trading activities since the year end and has resulted in a lower than expected level of trading activity," Shorecal directors noted in the accounts.
The company employs more than 540 people.
In the third quarter of this year, Domino's Pizza Group said that system sales in Ireland - the sales by all of the outlets in the Republic - rose 3.1% in euro terms, with like-for-like sales 2% higher.
It also reported a strong performance in the UK, where system sales jumped 19.6% in the period and like-for-like sales were up 17.5% year-on-year.