Profits at Michael Healy Rae's firm increased to €692,609

Gordon Deegan

Accumulated profits at the plant hire firm owned by well-known independent Co Kerry TD, Michael Healy Rae last year increased to €692,609.

New accounts filed by Deputy Healy Rae’s Roughty Plant Hire Ltd show that accumulated profits increased by €90,333 from €602,276 to €692,609 in the 12 months to the end of April last.

The post tax €90,333 profit for the 12 months compares a post tax loss of €13,641 incurred during the prior 12 months which coincided with the early phase of the Covid-19 pandemic.

The abridged accounts show that the firm received Government grants of €101,602 during the year and this followed €38,993 received under the same heading in fiscal 2021.

The accounts don’t disclose the nature of the Government grants, but separate figures published by the Revenue Commissioners show that the firm was in receipt of Government Covid-19 wage supports in 2021 and the first quarter of 2022.

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 almost doubled from €47,681 to €87,582.

During the 12 months the company’s cash funds increased from €198,206 to €226,158. The book value of the firm's tangible assets stood at €394,772.

The Kilgarvan based business expanded during 2021/22 as the numbers employed increased from six to nine.

The profit for the year takes account of non-cash depreciation costs of €66,854 and also takes account of a profit of €10,000 made on the disposal of an asset.

The firm is just one of four where Deputy Healy Rae is listed as a director and the most recently established in May of last year is property management firm, Roughty Properties Ltd.

Deputy Healy Rae has various interests and in his Dail register of interests, he describes himself as a postmaster, farmer, service station owner and politician along with his business interest in plant hire.

Deputy Healy Rae also describes himself as an owner of rental properties and his entry on the Dail register lists 16 separate properties for letting including 12 houses.

Four of the houses have Killarney addresses and two are in Tralee. Deputy Healy Rae also has 104 acres of farmland forestry. He also has shares in the New York Times Company.

Deputy Healy-Rae’s list of interests also include Roughty Properties Ltd providing accommodation to Ukrainians  in a guest house in Tralee and the contract was estimated to be worth more than €160,000 last year, according to Department of Integration records.