Minister of State Michael Healy Rae's property management firm, linked to the Kerry TD's Rosemont guesthouse accommodating Ukrainian citizens, has recorded combined profits of €841,908 over a two-year period, new accounts show.
That is according to new accounts filed by Minister Healy Rae’s Roughty Properties Ltd which show that the company recorded post tax profits of €376,048 in the 12 months to the end of May 2024.
The filing of the accounts comes days after Minister Healy Rae’s Roughty Properties Ltd lodged accounts at the Companies Registration Office last week which showed that it recorded a €465,860 post tax profit in its first year in operation from the date of incorporation for the 12 month 23 day period from 9 May 2022 to 31 May 2023.
The profits for the two periods add up to a combined €841,908 post tax profit- the accounts are abridged and don’t provide a revenue figure.
Cash funds at the company last year increased from €555,933 to €718,046.
The company also strengthened its balance sheet during the year with the addition of a fixed asset which has a book value of €204,519.
Minister Healy Rae owns 100% of the share capital of the company. Under the heading of directors’ loans, a note states that at the end of May 2024, "there were no loans, quasi loan, credit transactions or guarantees for and on behalf of the directors".
The Kerry TD's entry in the Dáil Register of Members' Interests states that the main activity of Roughty Properties Ltd is "management of rental properties".
In the register, Minister Healy Rae describes himself as an owner of rental properties and his entry lists 17 separate properties for letting including 14 houses.
Separate figures published by the Department of Children, Equality, Disability, Integration and Youth show that Minister Healy Rae’s Rosemont House in Tralee has received €1.22m over two years and three months to the end of December last.
In 2022, Kerry County Council refused planning permission to Minister Healy Rae’s Roughty Properties Ltd's planning application for a three-storey extension to expand guest capacity at Rosemont Guest House.
The Roughty property firm is now Minister Healy Rae’s most profitable enterprise with the accounts showing two years of strong profits.
Separate accounts filed earlier this year by Minister Healy Rae’s plant hire firm, Roughty Plant Hire Ltd show that its accumulated profits increased by €74,887 from €734,024 to €808,911 in the 12 months to the end of April 2024.
Accounts for another Michael Healy Rae firm which operates a fuel station and grocery shop in Kilgarvan show that it recorded post tax losses of €26,986 last year.
Deputy Healy-Rae’s entry to the Dáil’s members’ register of interests lists his other occupations as postmaster, farmer, service station owner and owner of rental properties. The Kerry deputy also has shares in the New York Times.
Deputy Healy Rae also has 146 acres of farmland/forestry.
