The upsurge in the Dublin commercial property market contributed to profits more than doubling at one of the country’s best known property firms Jones Lang LaSalle last year.
New figures lodged by Jones Lang Lasalle Ltd with the Companies Office show that pre-tax profits increased by 99.5% going from €1.42m to €2.83m in the 12 months to the end of December last.
This followed revenues at the firm increasing by 23%, or €2.43m, going up from €10.58m to €13m.
Last year, the firm enjoyed its third successive year of revenue growth after sustaining a decline in revenues during the previous four years.
The directors state the increase in revenues and profits reflect “an increase in general activity levels in the commercial market in Dublin during the year”.
The firm is on course for even higher revenues this year with Jones Lang LaSalle’s latest investment property report finding that the total amount of capital invested in Irish commercial property in the third quarter of this year was higher than in any other quarter previously recorded at €1.15bn.
Numbers employed at Jones Lang LaSalle last year increased from 63 to 71 with staff costs, including directors’ pay, going up 17% from €6.8m to €7.98m.
The filings show that the increased business last year resulted in emoluments for the firm’s 12 directors increasing marginally from €3.071m to €3.162m.
The €3.16m payout results in average emoluments of €263,500 for each of the 12 directors at the firm.
The firm’s operating profits last year increased by 93% from €1.3m to €2.57m.
The company’s profits were boosted by higher net interest payments received last year of €260,000, compared to €91,000 in 2012.
The profit last year also takes account of non-cash depreciation costs of €142,000.
The filings show that the company’s accumulated profits at the end of 2013 stood at €33.5m.
The directors state that “the key risk faced by the company is a downturn in the Irish economy which could lead to a decline in the commercial property market in Dublin”.
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