Pre-tax profits at the building firm owned by developer Gerry Gannon increased more than five fold to €2.36m last year.
New accounts show that last year Gannon Homes Ltd recorded the increase in profits after revenues went up by 9% from €50.59m to €55.2m.
The pre-tax profit of €2.36m is a 456% increase on the pre-tax profit of €424,150 recorded in 2020.
Mr Gannon was one of the best known developers from the Celtic Tiger era and the firm has formally been in NAMA since 2012 after entering a Connection Management Agreement (CAM) that year with the debt agency.
A breakdown of 2021 revenues show that the firm recorded revenues of €53.4m from the sale of developed assets and €1.79m from residential rental income.
The directors state that the company remained profitable for the year, further reducing the firm's net liabilities from €106.7m in 2020 to €104.68m at the end of 2021.
The directors state that they "are confident in the company's ability to remain profitable going forward".
They state that the activity for the year reflects the demand in house construction and sales which is a feature of overall market performance.
The directors state that the company continues to develop stock for sale "reflecting a confidence in the underlying demand for new homes".
The Gannon business currently has a strong "pipeline" of business before the planning process.
Currently, An Bord Pleanala is adjudicating on a €1.15 billion Gannon housing scheme for north Dublin.
Earlier this year, Gerard Gannon Properties lodged plans for the largest ever Strategic Housing Development (SHD) that comprises of 2,527 residential units for Belcamp Hall, Malahide Road at Belcamp.
The scheme is made up of 1,780 apartments, 473 houses and 274 duplex units. As part of the scheme, 1,969 units are "residential" with 558 apartments to be "build to rent".
On the principal risks and uncertainties facing Gannon Homes, the directors state that it continues to be their ability to maximise the value of the company's main assets while servicing its historic debt.
The amount owed in bank loans last year reduced from €177.09m to €156.9m.
A note attached to the accounts states that the company's loan facilities and related securities are held by NAMA.
"These loans carry a range of interest rates and maturity dates. Extension to the CMA in place with NAMA continues to be negotiated and new funding was received in 2020 to continue development until 2024," the notes state.
"Some loans are linked to asset sales and become repayable on the disposal of the connected assets," they add.
At the start of last year, the firm owed €3.84m to Mr Gannon.
During the year, Mr Gannon advanced €11.27m to the company and the firm repaid €9.4m with €5.7m outstanding at the end of last year to Mr Gannon.
The accounts state that amounts due to Mr Gannon are unsecured, repayable on demand and interest of €100 a year is accruing.
Numbers employed at Gannon Homes last year decreased by two to eight and staff costs reduced to €424,161.
Reporting by Gordon Deegan
