Accumulated profits at Michael Healy-Rae's plant-hire firm jump to €808,911

Last year, the company’s cash funds more than doubled, from €198,748 to €434,224
Accumulated profits at Michael Healy-Rae's plant-hire firm jump to €808,911

Accumulated profits at the plant hire firm controlled by forestry minister Michael Healy Rae last year increased to €808,911. Picture: Eamonn Keogh

Accumulated profits at the plant hire firm controlled by forestry minister Michael Healy Rae last year increased to €808,911.

New accounts filed by the Co Kerry-based Mr Healy-Rae’s Roughty Plant Hire Ltd show accumulated profits increased by €74,887, from €734,024 to €808,911 in the 12 months to the end of April last.

The post-tax €74,887 profit at the plant hire services business for the 12 months is an 80% increase on the €41,415 post-tax profit for the prior 12 months.

Four Healy-Raes, Michael and his wife, Eileen, along with sons Ian and Kevin, sit on the board of the firm, and aggregate pay to directors last year dipped from €70,885 to €66,783.

During the 12 months, the company’s cash funds more than doubled, from €198,748 to €434,224.

The book value of the firm's tangible assets stood at €473,682.

Numbers employed at the Kilgarvan-based business declined from 12 to five.

The accounts — which were signed off by Michael Healy-Rae and Eileen Healy-Rae on January 17 — show the profit for the year takes account of non-cash depreciation costs of €84,204.

Separate accounts for another Healy-Rae firm which operates a fuel station and grocery shop in Kilgarvan show it recorded post-tax losses of €26,986 last year. 

Separately, purchase order figures published by the Department of Equality show a Co Kerry guesthouse operated by Roughty Properties Ltd, owned by Michael Healy-Rae, had received €1.22m over two years and three months for accommodating Ukrainians.

Roughty Properties Ltd was incorporated in 2022 and has to file its first set of accounts. Mr Healy-Rae’s entry to the Dáil members’ register of interests lists his other occupations as postmaster, farmer, service station owner and owner of rental properties. The Kerry TD also has shares in the New York Times.

Mr Healy-Rae also describes himself as an owner of rental properties and his entry on the Dáil register lists 17 separate properties for letting, including 14 houses.

He also owns 146 acres of farmland/forestry.

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