The plant hire and civil engineering company owned by Independent Kerry TD and farmer Danny Healy-Rae enjoyed a record year last year to return profits of €1.12 million.
New figures lodged by Healy-Rae Plant Hire Ltd with the Companies Office show the firm’s 2022 post-tax profits of €1.12 million increased by €51,065 on the post-tax profits of €1.07 million the previous year.
The record €1.12 million profit resulted in the company’s accumulated profits rising from €3.65 million to €4.77 million at the end of December last year.
The business has been on a steady growth path in recent years despite the impact of the Covid-19 pandemic.
The €1.12 million profit 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 €239,060 in 2017.
The €1.12 million 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 €1.81 million.
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 that 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 that 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 €2.03 million to €2.32 million. The firm added plant and machinery with a book value of €1.27 million 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.
Family business
Danny Healy-Rae serves on the board with his wife, Eileen, and their 38-year-old son, Johnny, who 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 that Danny Healy Rae and Eileen Healy Rae control the company.
Danny Healy-Rae Sr 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 at Dáil Éireann lists multiple occupations for Danny Healy Rae.
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.
