The construction by John Paul Construction of 800 apartments in the greater Dublin area contributed to pre-tax profits surging by 37% to €23.14m last year.
The Dublin-headquartered construction group recorded the pre-tax profits as revenues rose by 12.5% from €568.15m to €639.73m.
The pre-tax profits of €23.14m last year followed pre-tax profits of €16.9m in 2023 and the strong profits of the last two years allowed the group to pay dividends of €17.32m last year and €13.23m in 2023.
The group last year celebrated 75 years in business, which coincided with a move to a new state-of-the-art HQ office in the Termini Building in Sandyford.
The group's former headquarters at Dundrum Business Park was put up for sale at a guide price of €5.25m last year.
The directors state that "2024 saw John Paul Construction complete several key projects, reflecting the success of the business's sectoral diversity".
They state that "these included a number of life science and data centre projects in Ireland, as well as over 800 apartments in the greater Dublin area".
The group carries out building construction and civil engineering in Ireland, the UK, mainland Europe and in the Middle East through an associated company.
The directors state that the organisation's geographical diversity was evidenced "by the completion of a confidential advanced technology project in Oxford and the commencement of hyper-scale data centre projects in Wales and Germany".
The directors state that they "are pleased to report strong results for 2024".
"Our sectoral and geographical diversification strategy continued to evolve, helping to deliver improved margins and mitigate against cyclical market risk," they say.
They state that the company's balance sheet was further strengthened during 2024 and at the end of the year, the business remained debt free.
Some of the group's construction projects over the years include Phase III of Kildare Village Retail Outlet, Miesian Plaza in Dublin 2 and redevelopment of the five star Adare Castle Hotel along with the construction of The Lodge at Doonbeg Golf Resort for €43m.
Numbers employed last year increased from 484 to 508 made up of 419 in contracts, 82 in administration and seven directors.
Last year, pay to directors increased by 20% rising from €4.04m to €4.84m as staff costs rose from €49.7m to €55.7m.
The group's operating profits increased by 30% from €15.45m to €20.07m and interest payments received of €3.07m resulted in the pre-tax profits of €23.14m.
The group recorded a post tax profit of €19.35m after a corporation tax charge of €3.79m was recorded.
The profit last year takes account of non-cash depreciation costs of €2.4m.
At the end of December last, shareholder funds totalled €32.88m that included accumulated profits of €25m.
Reporting by Gordon Deegan
