Surge in construction boosts profit at Dublin Providers Ltd
Profit at builders’ merchants chain up 24% to €2.45m as demand in sector increases
DPL said the increase in building and continued growth in the repair, maintenance, improvement and DIY markets influenced results
Surging construction and growing demand from homeowners boosted profits at builders’ merchants chain, Dublin Providers Ltd (DPL) to almost €2.5 million last year, its latest accounts show.
Profit before tax increased 24 per cent to €2.45 million last year from €1.97 million in 2017. Operating profit in 2018 was €2.5 million, an increase of 25 per cent on the €2 million recorded the previous year.
DPL sells timber, heating and plumbing supplies, electrical equipment, fittings and other materials to builders and the general public. The chain has stores in Kilmainham and Dún Laoghaire, and eight around the Republic, in Cork, Galway and Waterford as well as key regional centres.
Chairman Jeremiah Maher and managing director John Peare state that the increase in building and the continued growth in the repair, maintenance, improvement and DIY markets influenced 2018’s results.
Construction grew strongly last year as demand for homes and offices in the Republic remained high.
At the same time, the shortage of dwellings has prompted growing numbers of homeowners to extend or improve their houses rather than moving.
Net assets grew 22 per cent to €11 million at December 31st 2018, from €9 million 12 months earlier.
DPL had €1.3 million in cash, stocks of more than €10 million, and while its debtors, most of them customers, owed it €14 million at the end of last year. The group valued its properties at €23 million.
It owed its creditors €14.75 million, of this €13 million was due to suppliers, while it owed €320,000 to Mr Maher, who is also the company’s biggest shareholder.
DPL employed 178 people last year and paid them €5.3 million in wages and pension and welfare contributions.