Pretax profits at one of the country’s largest privately owned property developers, Rohan Holdings, last year increased fivefold to €32.24 million.
New accounts filed by the Rohans’ Airspace Investments and subsidiaries show that profits surged as revenues increased almost eight fold from €10.48 million to €78.74 million in the 12 months to the end of November last.
The pretax profit of €32.24 million followed a profit of €5.97 million in 2021– an increase of 439 per cent.
The directors last year paid a dividend of €13.52 million.
The directors state that the profits were largely generated by the development and sale of industrial units, strong lettings across the group and refurbishment and sale of residential properties.
They state that “the results are in line with expectations”.
The profit last year takes account of a €8.3 million non-cash write-down of the group’s investment properties.
Commenting on the business performance of the group, the directors state that “2022 was a satisfactory year for the group”.
The group’s developments include Grand Canal Plaza and Charlemont in D2 along with Dublin Airport Logistics Park, and the directors go on to add that the “strength of the balance sheet is reflected in the €154 million of property assets together with a significant land bank which has no attributable bank debt”.
The accounts show that revenues were made up of sales of €68.69 million and rents of €10.05 million.
The bulk of the group’s revenues at €78.4 million were generated in Ireland.
At the end of November last, the group – led by Jamie Rohan – had shareholder funds of €185.44 million that included €141.63 million in accumulated profits.
The company’s cash pile during the year increased from €53.22 million to €56.22 million.
The directors state that they are satisfied that the group’s financial strength will enable it to continue to respond to suitable opportunities over the coming years.
The group recorded an operating profit of €32.82 million and net interest payments of €595,625 reduced the profits to a pretax profit of €32.24 million.
Numbers employed by the business, including directors, last year declined by one to 12 with staff costs increasing from €1.72 million to €2.92 million.
