Housebuilder Glenveagh Properties completed building 322 homes in the six months to the end of June despite a 13 week lockdown due to Covid-19 restrictions.
This marked a 162% increase on the 123 homes completed the same time last year.
Glenveagh said its revenues for the six month period jumped by 245% to €127.5m from €37m, while profits came in at €2.6m compared to a loss of €27.3m the same time in 2020.
The company said that during the first half of 2021, it bought nine suburban sites for a total consideration of about €52m. The sites are capable of delivering over 2,000 units.
It said it now has 20 active construction sites which are capable of delivering 4,700 units after it opened five new sites in the first half of the year with further openings expected in the second half.
During the period, the company secured its first Partnership agreement with Fingal County Council for a proposed development of 1,200 new homes at Ballymastone, Donabate in north County Dublin.
It also is building two of the State's first ever cost rental transactions with approved housing body Clúid Housing in Taylor Hill in Balbriggan and Barnhall Meadows, Leixlip.
Glenveagh Properties chief executive Stephen Garvey said that today's results demonstrate the strength of its business proposition and are a testament to the hard work of the Glenveagh team and its partners.
"Despite the major headwinds caused by Covid-19, we have returned to profitability and increased our output," Stephen Garvey said.
"We have sold, signed, or reserved the 1,150 homes that we expect to deliver this year with a further 300 homes already reserved for next year. We've seen growth across our three core business segments and have made major strides in building a strong platform for future growth," the CEO said.
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Mr Garvey said that the country is in an accommodation crisis and needs upwards of 35,000 homes a year to keep pace with requirements.
"In Glenveagh, our focus is on getting supply into the system as quickly as possible and we have a clear path to our target of building 3,000 homes a year by 2024," he said.
"By innovating and relentlessly focusing on getting affordable, sustainable homes into the market, we are confident that the business will continue to prosper and play its part in addressing one of the key social challenges of recent decades," he added.
Glenveagh Properties also said today that it had exchanged contracts for the €78.5m sale of a residential and hotel site at Castleforbes Business Park in Dublin.
The buyer is a subsidiary of European investment firm Eagle Street, which was founded by Justin Bickle and Shane Scully in December 2020
The Castleforbes site is capable of delivering 702 residential apartments and a 219 room hotel in Dublin's central business district, which has seen significant development over the past decade.
The transaction is expected to be completed in the fourth quarter of 2021 and has a gross development value in excess of €500m in respect of the residential and hotel components.
Shares in the company moved higher in Dublin trade today.
