Pre-tax profits at the company that built the Central Bank HQ, Google’s Bolands Mills development, College Square and the 3Arena in Dublin increased by 48 per cent last year to €36.56 million.
New accounts filed by Walls Construction Holdings Ltd show that the business paid out a dividend of €24.08 million last year. This followed a dividend payout of €16.45 million in 2023.
Revenues are the building group which celebrates 75 years in business this year, jumped 10.5 per cent in 2024 to €631.7 million.
The directors reported “a strong financial performance during 2024 demonstrating the resilience of the business”.
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“The group’s business plan envisages a continued steady growth into the future underpinned by the management structures and resources in place,” directors said in their report.
They said that, in 2024, the business started work on several major projects that will involve significant multi-year turnover “and as a consequence, we have a strong order book for 2025 and a good line of sight into 2026 with both existing and new clients”.
At year end, the group had cash of €111.1 million and no external debt funding.
Walls recorded operating profits of €34.14 million and interest receivable of €2.42 million resulted in the pre-tax profit of €36.56 million.
To manage the increased turnover, directors said the group had strengthened its management team across all levels, including its main board, over the past 24 months.
They are confident that the group will continue its growth and build on its financial position.
After paying corporation tax of €5.14 million, the group recorded net profits of €31.42 million.
Walls has been involved in several large data centre projects in recent years. Some of its other landmark projects include LinkedIn’s Dublin HQ, the Dublin Landings complex and Kerry Group’s global technology and innovation centre in Naas, Co Kildare.
Numbers employed by the group increased by roughly 10 per cent to 478, from 437, with staff costs rising by the same amount to €52 million. Pay to key management personnel - comprising board and executive team members - jumped 62 per cent to €5.93 million.
Directors’ pay increased by €1 million, or 44 per cent, to €3.4 million.
Shareholder funds at the end of last year totalled €41.89 million, including accumulated profits of €38.9 million.
