Pre-tax profits at the builder of the Central Bank headquarters and the 3Arena in Dublin last year increased by 32% or €6m to €24.67m.
New accounts filed by Walls Construction Holdings Ltd show that the business enjoyed the sharp rise in profits as revenues increased by 21% or €99m from €472.39m to €571.42m.
The directors state that the group report "a strong financial performance during 2023" despite inflationary pressures and continued macro-economic uncertainty.
The firm paid out a dividend of €16.4m last year and this followed a dividend payout of €11.75m in 2022.
The directors state that "the group's business plan envisages a continued steady growth into the future".
The directors state that in 2023, the business commenced major projects that involve significant multi-year turnover "and as a consequence, we have a strong order book for 2024 and a good line of sight into 2025 with both existing and new clients".
At year end, the group had cash funds of €89.95m 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 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.
The directors state that they are satisfied that any risks around price inflation, particularly with regard to energy costs are being actively managed through negotiation with existing clients on current projects.
They 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 €21.47m after incurring a corporation tax charge of €3.2m.
Some of the company's other projects include LinkedIn's Dublin HQ, Google's Bolands Mill and the Kerry Group’s Global Technology and Innovation Centre at Naas, Co Kildare.
Numbers employed by the group last year increased from 381 to 437 with staff costs rising by 37% from €34.34m to €47.18m.
Directors' pay increased from €2m to €2.38m.
Shareholder funds at the end of last year totalled €34.55m that included accumulated profits of €31.56m. The group's cash funds increased from €75.26m to €89.95m during the year.
The accounts show that the group purchased a "biological asset" during the year with a book value of €229,347 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 generation of carbon offsets.
Pay to key management personnel made up board and executive team members last year increased from €3.13m to €3.66m.
Reporting by Gordon Deegan
