Directors of Longford housing contractor Gem share €13m in dividends

Three directors of Gem Group have shared more than €13 million worth of dividends since 2024 following a large increase in turnover and profits.

The Longford company, controlled by Martin Healy, Vincent Fay and Kevin Fay, has secured contracts to develop a number of large social and affordable housing projects in recent years.

New accounts for Gem Construction Company Limited have shown revenues rose from €133.4 million to €181.3 million in the year that ended June 2025.

During the latest financial period, it booked an operating profit of €12.4 million, compared with €9.3 million the previous year.

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A note in the directors’ report said it paid a dividend of €7.25 million in the year, which combined with the €6.6 million paid the previous year has brought combined payouts to €13.85 million in two years.

Following the dividend, the company still booked an after-tax profit of €10.7 million, which was a 37 per cent increase on the €7.7 million post-tax profit the previous year.

The directors’ said, based on market demand and an assessment of the current construction environment, the company should record a further rise in turnover in its latest financial year due to end this month.

The company was founded in 1978 by Pat Fay and Brian Loughran. The group is now equally controlled by Healy, Vincent and Kevin Fay.

Gem has developed a string of housing estates in Ireland, with the business active on a site in Churchfields, Dublin 15, that will contain 500 new homes for Fingal County Council.

The company has also been behind construction of The Willows scheme in Dunshaughlin, Co Meath, a master-planned development delivering 1,135 residential units.

Last year the business, which saw cash at bank swell from €8.4 million to €30.4 million, recorded total assets less current liabilities of €20.8 million.

It also recorded an increase in staff on its books, with 105 employed by the company in the year compared with 81 in 2024. Staff costs also rose from €6.8 million to €12.9 million in the year.

Fees paid to eight key management personnel and directors during the financial year also rose from €1.2 million to €2.1 million, while contributions to the pension schemes of these individuals rose from €377,133 to €2.6 million.