Pretax profits more than double at Irish arm of CBRE to €4.1m

Commercial property boom in Dublin contributed to pretax profits soaring

The commercial property boom in Dublin contributed to pretax profits more than doubling at the Irish arm of property company CBRE to €4.1 million in 2018.

CBRE Unlimited recorded the sharp increase in pretax profits as revenues increased by 36 per cent to €31.94 million. The directors state that “2018 witnessed excellent activity levels in the domestic commercial property market”.

Operating profits increased by 37 per cent to €4.1 million after paying out €27.8 million in administrative expenses.

Corporation tax

The company recorded post-tax profits of €3.48 million after paying corporation tax of €622,647.

Numbers employed increased from 131 to 133 with staff costs increasing from €14.3 million to €17.6 million. Directors’ pay last year increased from €879,223 to €942,887.

At the end of December 2018, the company’s shareholder funds stood at €16.67 million that included accumulated profits of €15.35 million.

The accounts disclosed at the end of December 2018, the company had capital commitments of €3 million associated with refurbishment of the company’s Dublin HQ at Connaught House.

Globally, the CBRE Group recorded $21.3 billion (€19.3 billion) in 2018 with more than 90,000 employees.