Danny Healy-Rae firm posts record profit of €1m
Accounts for Healy-Rae Plant Hire Ltd show that profits at Healy-Rae Plant Hire Ltd increased 44% to €1.07m in 2021. Picture: Leah Farrell / RollingNews.ie
The plant-hire and civil engineering company owned by independent Kerry TD Danny Healy-Rae posted record profit of over €1m last year.
New figures lodged by Healy-Rae Plant Hire Ltd at the Companies Office show that post-tax profits increased 44% to €1.07m in 2021.
The record profits means the company’s accumulated profits rose to €3.6m at the end of last December.
The business has been on a steady growth path in recent years despite the impact of the Covid-19 pandemic.
The business made a profit of €444,714 in 2019 and a profit of €444,227 in 2018.
The company’s cash funds last year decreased sharply from €2m to €993,714.
The profit for 2021 takes account of non-cash depreciation costs of €415,187 and a profit of €90,021 on the disposal of a tangible fixed asset.
Details of 2021 purchase orders published by Kerry County Council show that Healy-Rae Plant Hire Ltd last year received €45,733 for a council capital works contract.
The book value of the company’s tangible assets also increased sharply from €1.3m to €2m.
Danny Healy-Rae serves on the board with his wife Eileen and their 37-year-old son Johnny, who runs the day-to-day operations of the business.
Pay for directors increased by €3,000 to €33,000.
The accounts for Healy-Rae Plant Hire Ltd show that Danny Healy-Rae and Eileen Healy-Rae control the company.
The firm controls a subsidiary firm, Sunville Construction Ltd, where profits increased last year 12-fold to €198,737.
