New consolidated accounts filed by Derevoya Holdings Ltd show profits at McMahons Builder Providers increased, as revenues rose by 8pc from €114.14m to €122.87m.
Profits were boosted last year by a €4.48m non-cash fair-value movement on investments and other operating income of €2.3m. The consistently strong profits of recent years allowed the group to pay a dividend of €693,000 in 2024.
The report said it is the intention of the directors to declare and pay a dividend of €829,000 on the ordinary shares for 2024.
The group recorded an operating profit of €12.28m and a €942,000 gain on the disposal of investments, a foreign exchange gain of €197,000 and net interest receivable of €86,000 boosted profits.
The principal activities of the McMahon group are general builder providers, property investment and development, the manufacture of steel reinforcement products and the provision of financing.
The accounts state that Mark McMahon and wife, Mai McMahon, together hold 78.23pc of the company’s share capital.
The primary risk faced by the company is the growing inflation rates
The business was established in 1830 and was involved in cooperage, manufacturing and sawmilling. Today, McMahons Builders Providers has grown to become one of the country’s largest independent builder providers, with a network of 11 stores nationwide.
“The primary risk faced by the company and the group is the growing inflation rates and increases in prices of raw materials,” the directors said.
They added that the group “had a strong balance sheet at year-end” and “is well positioned to manage the risks relating to increased inflation and prices”.
At the end of December, the group had shareholder funds of €122.57m, which included accumulated profits of €116.5m.
The group’s cash funds decreased from €14.69m to €11.96m.
Numbers employed by the group last year increased from 259 to 272.
Staff costs increased from €11.9m to €13.45m as post tax profits totalled €10.7m after a €2.8m corporation charge is taken into account.
“Other operating income” was made up of rent of €1.63m and €677,000 in sundry income.
The 2024 profit takes account of non-cash depreciation costs of €1.9m.
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