The plant-hire and civil engineering company owned by independent Kerry TD and farmer, Danny Healy-Rae, posted €1.07 million in profit last year.
Accounts lodged by Healy-Rae Plant Hire Ltd with the Companies Office show that the firm’s 2021 post-tax profits increased by €326,979, or 44 per cent, from €743,244 in 2020 to €1.07 million.
The record €1.07 million profits for the company for 2021 resulted in its accumulated profits rising from €2.58 million to €3.65 million at the end of December last.
The business has been on a steady growth path in recent years despite the impact of the Covid-19 pandemic.
The company’s cash funds last year decreased sharply from €2.02 million 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.
The book value of the company’s tangible assets also increased sharply from €1.3 million to €2 million.
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 from €30,000 to €33,000.
The accounts for Healy Rae Plant Hire Ltd state that Danny Healy-Rae and Eileen Healy-Rae control the company.
The firm controls subsidiary firm Sunville Construction Ltd, where profits increased 12-fold last year to €198,737. The firm’s cash funds increased from €48,143 to €928,312 during the year. Accumulated profits totalled €226,781.
The Sunville firm employs 27. Daniel Healy Rae jnr (34) and Johnny Healy Rae are directors. Directors’ pay last year totalled €95,733, made up of remuneration of €74,772 and pension payments of €20,961.
Danny Healy-Rae snr (68) was first elected to the Dáil in 2016.
The register of members’ interests at Dáil Éireann lists multiple occupations for Danny Healy-Rae. Along with being a TD, a farmer and plant-hire operator, he is also a publican and a bus hire provider.
The Healy-Rae company has contracts with Kerry County Council, Irish Water and Bus Éireann.