Profits soar at Rohan group to hit €42.5m
Members of the Rohan family, which is behind one of the country's largest property investment and development firms, Rohan Holdings, last year shared in a dividend windfall of €10.8m.
That followed a bumper year for the Jamie Rohan-led group when it enjoyed a pre-tax profit of €42.5m - more than a five-fold increase on the pre-tax profits of €7m in 2016. The major leap in profits followed Airspace Investments Ltd and subsidiaries more than tripling revenues, going from €20.6m to €62.6m. The directors state that "2017 was another positive year for the group". They state that the group's pre-tax profits were boosted by the development, letting and subsequent sale of 21 Charlemont in Dublin 2.
The directors state: "2017 also saw industrial developments in response to improving demand and rent levels in this sector."
The group's developments include Grand Canal Plaza in D2 and the directors go on to add that the "strength of the balance sheet is reflected in the €115m of property assets together with a significant land bank which have no attributable bank debt".
At the end of November last, the group had shareholder funds of €175m that included €121m in accumulated profits.
The company's cash pile during the year more than doubled going from €28.36m to €66.4m.
Directors' pay increased from €702,072 to €1.1m. Numbers employed total 13.