Members of the Rohan family shared a €10 million dividend from their property development business last year, newly filed accounts show.
Pretax profits at Airspace Investments and Subsidiaries, a holding company for the Rohan group’s property ventures, fell to €5.8 million last year from €29 million in 2022, according to its latest annual return.
Directors James Rohan and Eugene McCague note that the fall was partly due to a €1.7 million reduction in the value of the group’s investment properties.
The company paid a €10 million dividend to shareholders, including Mr Rohan and Ken Rohan, who is the largest shareholder and also a director, along with other family members.
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The payout was around 25 per cent less than the €13.5 million dividend that Airspace’s directors approved the previous year.
Profit after tax came to €4.5 million, down from €28 million in 2022. The accounts, for the 12 months ended November 30th last year, show that the company had €156 million-worth of property assets on that date.
Net assets approached €180 million, while creditors amounted to €10.2 million – most of which was due to other group businesses.
The accounts state that Airspace paid off a €15 million shareholder loan along with €169,000 in interest on March 23rd.
A revaluation of investment properties reduced their worth to €75.2 million from €77.2 million. The calculation included a €1.7 million reduction in the value of the properties themselves and a €290,000 foreign exchange charge.
Mr Rohan and Mr McCague note that last year was a “satisfactory” one, with financial results in line with expectations.
The Rohan group is behind a large number of commercial and industrial developments, including the well-known Grand Canal Plaza in central Dublin.
Other assets include Dublin Airport Logistics Park, South West Business Park in Citywest, Co Dublin and North City Business Park in Finglas, Dublin.
The group’s website says it has “extensive” land across north and South Dublin and the city itself where it intends to build 500 homes for both rent and sale.
It adds that the group is seeking more investment and development opportunities in the Greater Dublin Area.
The group has offices in Dublin, London, Panama and the British Virgin Islands, according to its accounts.
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