Pre-tax profits at the builder of the Central Bank headquarters and the 3Arena in Dublin last year increased by 48% to €36.56m.
New accounts filed by Walls Construction Holdings Ltd show that the business enjoyed the sharp rise in profits as revenues increased by 10.5% or €59.7m from €571.42m to €631.18m.
The directors state that the group report "a strong financial performance during 2024 demonstrating the resilience of the business".
The pre-tax profits of €36.56m follow pre-tax profits of €24.67m in 2023.
The firm paid out a dividend of €24.08m last year and this followed a dividend payout of €16.45m 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 year end, the group had cash funds of €111.1m 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 €34.14m and interest receivable of €2.42m resulted in the pre-tax profit of €36.56m.
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.
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 €31.42m after incurring a corporation tax charge of €5.14m.
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 10% from €47.18m to €52m.
Directors' pay increased by by €1m or 44% from €2.35m to €3.4m.
Shareholder funds at the end of last year totalled €41.89m that included accumulated profits of €38.9m.
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 generation of carbon offsets.
Pay to key management personnel made up board and executive team members last year increased from €3.66m to €5.93m.
Reporting by Gordon Deegan
