The plant-hire and civil engineering company owned by outspoken independent Kerry TD and farmer, Danny Healy-Rae enjoyed a record year last year to return profits of €1.12 million.
New figures lodged by Healy-Rae Plant Hire Ltd., with the Companies Office, show that the firm’s 2022 post-tax profits of €1.12 million increased by €51,065 on the post-tax profits of €1.07 million in 2021.
The record €1.12 million profits for the company resulted in the company’s accumulated profits rising from €3.65 million to €4.77 million at the end of December last.
Company accounts
The business has been on a steady growth path in recent years despite the impact of the Covid-19 pandemic.
The €1.12 million profit for last year is almost three times the post-tax profits of €444,714 for 2019 and follows profits of €444,227 in 2018 and profits of €239,060 in 2017.
The €1.12 million profit equates to an average weekly profit of €21,563 for 2022.
The company’s cash funds last year almost doubled rising from €993,714 to €1.81 million. The profit for 2022 takes account of non-cash depreciation costs of €489,887.
Details of 2022 purchase orders published by Kerry County Council show that Healty Rae Plant Hire Ltd., last year received €195,418 for a council capital works contract.
Purchase Order records for the first quarter of this year show that the firm received an additional €54,611 from the council for a capital works contract.
The book value of the company’s tangible assets also increased from €2.03 million to €2.32 million.
The firm added plant and machinery with a book value of €1.27 million last year and disposed of plant and machinery with a book value of €534,000.
The tangible assets also include land valued at €373,476.
Danny Healy-Rae
Danny Healy-Rae serves on the board with his wife, Eileen and their 38 year-old-son, Johnny who runs the day-to-day operations of the business.
Pay for directors increased by €5,000 from €33,000 to €38,000.
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 last year totalled €109,703.
Danny Healy-Rae Senior was co-opted onto Kerry County Council in 2003 to fill his late father Jackie Healy-Rae’s seat and the 69-year-old was first elected to the Dáil in 2016.
The register of members’ interests at Dáil Eireann lists multiple occupations for Deputy Danny Healy-Rae.
Along with being a serving Dáil deputy, Deputy Healy-Rae confirms other occupations as a publican; farmer; bus hire and plant hire.
In the register, Deputy Healy-Rae confirms that he has shares in the Kerry Group plc and also owns land – 50ac of farmland at Fossa, Kilgarvan; another 38ac of farmland at Gullaba, Kilgarvan and another 3ac of farmland at Gortnaboul, Kilgarvan.
The register confirms that the Healy-Rae company has contracts with Kerry County Council, Irish Water and Bus Éireann.