Danny Healy-Rae plant hire firm records profits of €1.12m for 2022
The record €1.12m profits for the company resulted in the company’s accumulated profits rising from €3.65m to €4.77m at the end of December last. Picture: Gareth Chaney/ Collins
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 €1.12m.
New figures lodged by Healy-Rae Plant Hire Ltd with the Companies Office show the firm’s 2022 post-tax profits of €1.12m increased by €51,065 on the post-tax profits of €1.07m in 2021.
The record €1.12m profits for the company resulted in the company’s accumulated profits rising from €3.65m to €4.77m at the end of December last.
The business has been on a steady growth path in recent years despite the impact of the covid-19 pandemic.
The €1.12m profit for last year is more than 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 €1.12m 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 €1.81m.
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 Healy 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 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 €2.03m to €2.32m. The firm added plant and machinery with a book value of €1.27m 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 serves on the board with his wife, Eileen and their 38-year-old son, Johnny who successfully 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 Danny Healy Rae and Eileen Healy Rae control the company.
The firm controls a subsidiary firm, Sunville Construction Ltd, where profits increased last year totalling €109,703.
Danny Healy-Rae Snr 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 in Dáil Éireann lists multiple occupations for Mr Healy Rae.
Along with being a serving Dáil TD, Mr Healy Rae confirms other occupations as a publican, farmer, bus hire and plant hire.
In the register, Mr Healy Rae confirms he has shares in the Kerry Group plc and also owns land — 50 acres of farmland at Fossa, Kilgarvan; another 38 acres of farmland at Gullaba, Kilgarvan; and another three acres of farmland at Gortnaboul, Kilgarvan.
The register confirms the Healy Rae company has contracts with Kerry County Council, Irish Water and Bus Éireann.
