The plant-hire and civil engineering company owned by outspoken independent Kerry TD and farmer, Danny Healy-Rae enjoyed post tax profits to €444,714 in 2019.
New accounts lodged by Healy-Rae Plant Hire Ltd with the Companies Office show that the company enjoyed a bumper 2019 as the firm recorded average weekly profits of €8,552.
The post tax profits of €444,714 are a marginal increase on the post tax profits of €444,227 in 2018 and follow post tax profits of €239,060 in 2017.
On the impact of Covid-19 on the company’s business in 2020, a note attached to the accounts states that “the company experienced a decrease in activities in the first half of 2020 due to the restrictions imposed by the Government”.
The note states that “the directors will continue to modify the company’s plans in line with Government advice and the directors believe that the company is well positioned to return to full trading capacity once this period of uncertainty passes”.
Figures released by Kerry County Council last month show that Healy-Rae Plant Hire Ltd last year received €341,347 (incl. VAT) from the Council for plant-hire work out of a total spend of €4.6 million by the Council on plant hire and haulage services.
The €444,714 profit for 2019 resulted in the Kilgarvan based company sitting on accumulated profits of €1.84 million at the end of 2019.
In a buoyant year for the company, the firm’s cash pile increased from €597,046 to €630,824 as money owed to the company by debtors increased from €641,182 to €1.9 million.
The value of the company’s tangible assets also increased sharply from €803,807 to €1.29 million.
The profit takes account of non-cash depreciation costs of €230,058.
Danny Healy-Rae serves on the board with his wife, Eileen and their 36-year-old son, Johnny who runs the day-to-day operations of the business.
Pay for directors remained static at €35,000.
A note attached to the accounts states that €1.19 million was payable for sub-contracting work to a wholly owned subsidiary of the company last year.
The note states that the balance unpaid at year-end was €1.34 million. The accounts for Healy Rae Plant Hire Ltd states that Danny Healy Rae and Eileen Healy Rae control the company.
Danny Healy-Rae was co-opted onto Kerry County Council in 2003 to fill his late father Jackie Healy-Rae’s seat and the 67-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.
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 Eireann.