Wednesday 21 August 2019

Rohans share €47m dividend bonanza after a 'positive year'

Property: Grand Canal Plaza is among the group’s developments
Property: Grand Canal Plaza is among the group’s developments

Gordon Deegan

Members of the Rohan family behind one of Ireland's largest privately-owned property investment and development firms, Rohan Holdings, this year shared a bumper dividend payout of €47.5m.

That is according to new accounts filed by the Rohans' Airspace Investments and subsidiaries which confirm that the directors approved and paid out the dividend in March of this year.

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The dividend follows a previous dividend payout of €2.6m in the 12 months to the end of November last.

The payouts come after another buoyant year for the business as it enjoyed pre-tax profits of €14.1m last year.

However, the €14.1m in pre-tax profits represents a 67pc drop on the €42.5m pre-tax profit achieved in 2017.

That drop follows a decrease in revenues - by 45pc - from €62.66m to €34.28m.

The revenue drop last year was due to the firm's property sales decreasing from €55.5m to €26.4m. The group's revenue from rent increased from €7.1m to €7.79m.

The directors state that "2018 was another positive year for the group".

They report that the group's pre-tax profits were generated by the development and sale of industrial units, the refurbishment and sale of residential properties and strong lettings across the group.

The directors' statement adds: "The results are in line with expectations with the reduction in profit compared to 2017 due to the sale of an office development in 2017."

The group's developments include Grand Canal Plaza in D2 and the directors go on to say that the "strength of the balance sheet is reflected in the €122m of property assets together with a significant land bank which have no attributable bank debt".

At the end of November last, the group - led by Jamie Rohan - had shareholder funds of €184m that included €130m in accumulated profits.

The company's cash pile during the year increased from €66.4m to €67.48m.

The directors state that they are satisfied that the group's financial strength will enable it to continue to respond to suitable opportunities over the coming years.

Directors at the group last year received pay of €1.17m.

Numbers employed by the business, including directors, last year remained at 13 with staff costs increasing from €2.26m to €2.4m.

Irish Independent

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