Profits nearly doubled last year for builder of 3Arena

Gordon Deegan

Pre-tax profits at the builder of the Central Bank HQ and the 3Arena in Dublin last year increased by 48 per cent to €36.56 million.

New accounts filed by Walls Construction Holdings Ltd show that the business enjoyed a sharp rise in profits as revenues increased by 10.5 per cent (€59.7 milion) from €571.42 million to €631.18 million.

The directors state that the group report “a strong financial performance during 2024, demonstrating the resilience of the business”.

The pre-tax profits of €36.56 million follow pre-tax profits of €24.67 million in 2023.

The firm paid out a dividend of €24.08 million last year, and this followed a dividend payout of €16.45 million in 2023.

The directors state that “the group’s business plan envisages a continued steady growth into the future underpinned by the management structures and resources in place ”.

The directors state that in 2024, the business commenced major projects that involve "significant multi-year turnover, and as a consequence, we have a strong order book for 2025 and a good line of sight into 2026 with both existing and new clients”.

At the year's end, the group had cash funds of €111.1 million and no external debt funding, and the directors state that arising with the healthy cash balance and stable access to financing, the group maintained a robust financial position.

The group recorded operating profits of €34.14 million and interest receivable of €2.42 million, resulting in the pre-tax profit of €36.56 million.

The directors state that in order to control the increased turnover, the group has strengthened its management team across all levels, including in its main board, over the past 24 months.

They state that "we have diversified our operations across different sectors and we continue to explore opportunities in different geographical regions."

The directors state that they are mindful of the broader macroeconomic factors, including the potential impact of tariffs on both investment decisions and the corporation tax take in Ireland.

The directors state that they are confident that the group will continue its growth and build on its financial position.

The group recorded post-tax profits of €31.42 million after incurring a corporation tax charge of €5.14 million.

Some of the company’s other projects include LinkedIn’s Dublin HQ, Google Bolands Mill and the Kerry Group’s Global Technology and Innovation Centre at Naas, Co Kildare.

Numbers employed by the group increased from 437 to 478, with staff costs rising by 10pc from €47.18 million to €52 million.

Directors’ pay increased by €1 million or 44 per cent from €2.35 million to €3.4 million.

Shareholder funds at the end of last year totalled €41.89 million, which included accumulated profits of €38.9 million.

The accounts show that the group purchased a ‘biological asset’ during the year with a book value of €220,143 as part of its ‘Environment, Social and Governance’ (ESG) strategy.

A note states that the group purchased a property of €255,682 that includes a forest value of €230,144. The forest plantation with a deferred harvest is to allow the generation of carbon offsets.

Pay to key management personnel made up board and executive team members last year increased from €3.66 million to €5.93 million.