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Monday, 23 Jan 2023
Updated / Monday, 23 Jan 2023 17:02
The building firm is led by Edward O'Dwyer and Ann O'Dwyer. (Stock
image)
Dublin based developers, Dwyer Nolan last year recorded pre-tax profits
of €31.03 million as revenues soared.
New accounts show that Dwyer Nolan Developments Ltd recorded the
pre-tax profits of €31 million in the 12 months to the end of May 31st
last as revenues increased more than 17 fold from €5.7 million to
€99.98 million.
The building firm - led by Edward O'Dwyer and Ann O’Dwyer - recorded
the very impressive profit margins after recording a loss of €356,183
in the prior year.
The Shankill based company recorded a gross profit of €32.9 million
after incurring €67 million in cost of sales.
On the business's financial performance last year, the directors state
that the result for the year and the financial position at year end
were considered satisfactory.
The report states that in recent years the company continues to focus
on the delivery of high quality large scale apartment developments.
They state "changes that the company have implemented in recent years
have allowed them to meet market demand and hit their targets with
regards the delivery of developments."
The directors said they expect to see continued growth in the future.
The company recorded a post tax profit of €27.22 million after paying
corporation tax of €3.8 million
The accounts disclose that the value of the firm’s land and work in
progress is €49.5 million and its balance sheet shows accumulated
profits of €168.28 million.
The company also has an impressive 'pipe-line’ proposed developments in
the planning process.
It is seeking planning permission from An Bord Pleanála for 927
apartments and duplex/triplex units across eight blocks on the grounds
of the former De La Salle National School, Ballyfermot Road,
Ballyfermot, Dublin 10.
It is also seeking planning permission before An Bord Pleanála for 350
apartments at the site of the existing Chadwick Builders Merchants at
the Junction of Santry Avenue and Swords Road, Santry, Dublin.
The firm has also lodged plans with An Bord Pleanála for 312 dwellings
that includes 205 houses for a site at Minister's Road, Lusk in north
Dublin.
The overall value of that scheme is estimated to be around €100m after
Dwyer Nolan put an indicative price tag of €10.3m 31 dwellings to be
sold to Fingal County Council for social housing.
The three applications are currently stalled due to An Bord Pleanála
not being able to make decisions on Strategic Housing Developments
(SHDs) currently.
Numbers employed, including directors, last year decreased by two to 20
as staff costs more than doubled from €588,138 to €1.32 million.
Pay to directors increased by 69% from €412,096 to €696,000.
Reporting by Gordon Deegan