Pre-tax profits at Rohan Holdings increased 439% last year to €32.2M, according to accounts filed by the Rohans’ Airspace Investments and subsidiaries.

Profits surged as revenues increased from €10.5M a year previously to €78.7M in the 12 months to the end of November 2022 at one of Ireland’s largest privately owned property developers.

The upsurge in pre-tax profits followed a profit of just €6M in 2021, and the latest results were “in line with expectations,” according to the directors, also taking into account an €8.3M noncash write-down of the group’s investment properties.

The directors, who were last year paid a dividend of €13.5M, added that the profits were largely generated by the development and sale of industrial units, strong lettings across the group and refurbishment and sale of residential properties. They called business performance “satisfactory” for 2022.

The group’s developments include Grand Canal Plaza and Charlemont in Dublin 2, along with Dublin Airport Logistics Park, and the directors said the “strength of the balance sheet is reflected in the €154M of property assets together with a significant land bank which has no attributable bank debt.”

Revenues consisted of sales of €68.7M and rents of €10.1M, with the bulk of the group’s revenues generated in Ireland.

On 25 October, Rohan Holdings confirmed that it had started construction of a 50K SF facility for Dublin Fire Brigade at its North City Business Park development, due for completion in autumn 2024.

Rohan is also progressing with the development of the next 80K SF speculative logistics space at North City Business Park with two 20K SF warehouse units and a third facility of 38K SF, the first of which is scheduled for completion in the fourth quarter of 2024.

At the end of November 2022, the company said it had shareholder funds of €185.4M, including €141.6M in accumulated profits, while cash holdings increased from €53.2M to €56.2M, which the directors said would enable the company to continue to respond to suitable opportunities over the coming years.