Saturday 18 November 2017

Rohan firm pays out €2.4m in dividends

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Gordon Deegan

Members of family-owned property group Rohan Holdings enjoyed a dividend windfall of €2.4m in 2014.

The €2.4m dividend pay-out in 2014 follows dividend payouts of €3.25m in 2013 and €1.1m in 2012.

The group's developments include Grand Canal Plaza in Dublin City Centre.

Accounts filed by the holding firm for Rohan Holdings, Airspace Investments, show that the group enjoyed pre-tax profits of €7.4m in the 12 months to the end of November 2014. This represented a 22pc drop on the pre-tax profits of €9.59m in 2013. Revenues declined by 9pc in 2014, going from €8.4m to €7.6m. Revenue came entirely from rental income.

Accumulated profits at the group at the end of November 2014 totalled €146m.

Airspace Investments was established by well known businessman Ken Rohan, and the business is today headed by Mr Rohan's son, Jamie.

Ken Rohan, who is 71, remains a director and the largest shareholder in the business with almost 54pc of its shares.

Other shareholders include Alison Rohan and David Rohan.

The group's clients include Google, BT, Oracle, Eason and Pfizer.

The directors of the group state that the results for 2014 are in line with expectations.

According to the directors' report, "the strength of the group is reflected in €144m of property assets which have no attributable bank debt. Overall, when non-recourse debt is excluded, the group is in a positive net cash position." 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.

Numbers employed by the firm stood at 10.

Irish Independent

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