The main property development subsidiaries of home builder Evara doubled revenues last year as the group significantly ramped up construction activity.
The company, led by chief executive Michael Hynes, completed close to 1,000 homes last year across projects in Portmarnock in north Dublin, Adamstown, Clonburris and Saggart in west Dublin, Kilternan and Cherrywood in south Dublin.
New financial filings for 10 of the home builder’s entities behind these housing projects show they reported combined revenue of €256 million in 2025, compared with €126 million the previous year.
The vast majority of the company’s revenue came from the sale of homes in residential projects, including Adamstown, Tandy’s Lane in Lucan and St Marnock’s Bay development in north Dublin.
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The group also sold a building in Adamstown to the Health Service Executive for €15.8 million and made €19 million from land sales.
Each of the 10 individual entities managing Evara’s construction projects recorded an operating profit. Combined profits at the companies came to more than €60 million, compared with €25 million the previous year.
[ Evara gets green light for 800 new homes at sites in Saggart and LucanOpens in new window ]
The largest profit was booked by St Marnock’s II Designated Activity Company, which recorded a €19.9 million profit following €68 million of revenue generated from the sale of 114 homes.
Two other Evara companies exclusively involved in residential development also recorded operating profit margins of 29 per cent, while Aderrig 1 Residential Limited made a €10 million operating profit from the sale of 115 homes for €49.9 million.
The development group, established in 2019 by Michael Hynes and Eddie Byrne, was formed with backing from US private-equity firm Lone Star. Byrne has since left the business to become the chief executive of the State’s biggest landlord, Ires Reit.
The business was formerly called Quintain until it rebranded as Evara in 2025. The new identity for the company came after Texas-based investment fund TPG Real Estate completed a €200 million purchase of a majority stake in the housing developer.
Following the investment by the Texas fund in 2024, Hynes said Evara planned to expand its housing output to 1,500 homes a year.
The company has forecast it will complete 1,400 homes this year and said it is on track for 1,500 completions annually by next year. The company has delivered more than 3,000 homes since it was founded seven years ago and currently has a pipeline of more than 7,000 homes to build.
