Danny Healy-Rae's plant-hire firm returns record €1.07m profits

business
Danny Healy-Rae's Plant-Hire Firm Returns Record €1.07M Profits Danny Healy-Rae's Plant-Hire Firm Returns Record €1.07M Profits
New figures lodged by Healy-Rae Plant Hire Ltd with the Companies Office show that the firm’s 2021 post tax profits increased by 44 per cent, or €326,979, from 2020. Photo: Collins.
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Gordon Deegan

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 €1.07 million.

New figures lodged by Healy-Rae Plant Hire Ltd with the Companies Office show that the firm’s 2021 post tax profits increased by 44 per cent, or €326,979, from 2020.

The record €1.07 million profits for the company resulted in the company’s accumulated profits rising from €2.58 million to €3.65 million 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 €1.07 million profit for last year is more than double 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 €1.07 million profit equates to an average weekly profit of €20,581 for 2021.

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The company’s cash funds last year decreased sharply from €2.02 million to €993,714.

The profit for 2021 takes account of non-cash depreciation costs of €415,187 and a profit of €90,021 on the disposal of a tangible fixed asset.

Details of 2021 purchase orders published by Kerry County Council show that Healy Rae Plant Hire Ltd last year received €45,733 for a council capital works contract.

The book value of the company’s tangible assets also increased sharply from €1.3 million to €2 million.

Danny Healy-Rae serves on the board with his wife, Eileen and their 37-year-old son, Johnny, who successfully runs the day-to-day operations of the business.

Pay for directors increased by €3,000 from €30,000 to €33,000.

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 last year increased 12-fold to €198,737. The firm's cash funds increased from €48,143 to €928,312 during the year. Accumulated profits totalled €226,781.

The Sunville firm employs 27. Daniel Healy Rae Jnr (34) and Johnny Healy Rae are directors and directors’ pay last year totalled €95,733 — made up of remuneration of €74,772 and pension payments of €20,961.

Danny Healy-Rae Snr was co-opted onto Kerry County Council in 2003 to fill his late father Jackie Healy-Rae’s seat. The 68-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.

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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 — 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 that the Healy Rae company has contracts with Kerry County Council, Irish Water and Bus Éireann.

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