The National Assets Management Agency (Nama) is forecasting it will deliver a total surplus of €4.25 billion to the Exchequer, subject to market conditions.
In the figures for the past 12 months, published on Thursday, the agency added that when corporate tax payments of €400 million are included, the projected return to the State will be in the region of €4.65 billion.
Further returns to the amount of approximately €1.25 billion are also expected over the coming years, in addition to the agency being "in a position to potentially increase it terminal surplus projection".
Since Nama's inception in 2009, the agency has generated approximately €47 billion from its operations, €670 million of which came from 2021.
Last year's figures show Nama is due to record its 11th consecutive year of profitability.
Residential delivery programme
Nama's residential delivery programme, which seeks to facilitate new residential development on acquired residential development land, exceeded its 20,000-unit target in 2021, delivering 23,155 new homes.
The breakdown of this figure includes 13,185 units directly funded by the agency and 9,970 units completed on sites for which Nama had funded the planning permission, enabling works, legals costs or holding costs prior to disposal.
The agency has also provided 2,687 social housing units to local authorities and approved housing bodies.
According to the figures, Nama is also expected to deliver over 2,000 residential units through its ongoing work in the Dublin Docklands Strategic Development Zone (SDZ), which will also include 4.2 million square feet of commercial space.
As of last month, just 13 per cent of the agency's interests in the Docklands remained under construction, all of which is due for completion in 2022, Nama said.
Nearby, the agency's 80 per cent stake in a site in the Poolbeg West SDZ generated €200 million in June of last year, with Nama's remaining 20 per cent stake having the potential to deliver 3,800 residential units and 1 million square feet of commercial space. A planning application for the first stage of these works was lodged with Dublin City Council in July 2021, with a decision due some time this year.
Describing 2021 as "another year of strong performance", Nama chief executive Brendan McDonagh explains the agency "is now in the final phases of its work to 2025" but remains committed to "delivering best value for the taxpayer" from its remaining portfolio.
Nama chairperson Aidan Williams adds: "Notwithstanding the ongoing impact of Covid-19, Nama continued to deliver on its mandate during 2021."