Company owned by rural TD Healy-Rae records profits of €444,227
By Gordon Deegan
The plant-hire company owned by outspoken independent Kerry TD and farmer Danny Healy-Rae last year recorded an 85% increase in post tax profits to €444,227.
New figures lodged by Healy Rae Plant Hire Ltd with the Companies Office show that the company enjoyed a bumper 2018.
The post tax profits of €444,227 recorded by the company last year follow post tax profits of €239,060 in 2017.
At the end of last year, the Kilgarvan-based company was sitting on accumulated profits of €1.39 million.
In a buoyant year for the company, the firm’s cash pile increased by €205,921, from €391,125 to €597,046.
The value of the company’s tangible assets also increased sharply from €493,766 to €803,807.
The profit takes account of non-cash depreciation costs of €200,950.
Danny Healy-Rae serves on the board with his wife Eileen and son Johnny, who runs the day-to-day operations of the business.
Pay for directors last year reduced from €37,500 to €35,000.
A note attached to the accounts states that €932,000 was payable for sub-contracting work to a wholly owned subsidiary of the company last year.
The accounts for Healy Rae Plant Hire Ltd states that Danny Healy-Rae and Eileen Healy-Rae control the company.
Danny Healy-Rae was co-opted onto Kerry County Council in 2003 to fill his late father Jackie Healy-Rae’s seat and the 65-year-old was first elected to the Dáil in 2016.
The register of members’ interests at Dáil Eireann lists multiple occupations for deputy Danny Healy-Rae.
Along with being a serving Dáil deputy, deputy Healy-Rae confirms other occupations as a publican; farmer; bus hire and plant hire.
In the register, deputy Healy-Rae confirms that he has shares in the Kerry Group plc and also owns land – 50ac at Fussa, Kilgarvan; another 38ac at Gullaba, Kilgarvan; and another 5ac at Gortnaboul, Kilgarvan.