The pre-tax profit of developer Gerry Gannon’s construction company more than quintupled last year to 2.36 million euros.
New accounts show Gannon Homes saw profits surge last year after revenue rose 9 percent to $60 million.
A revenue breakdown for 2021 shows that the Company had EUR 53.4 million in revenue from the sale of developed assets and EUR 1.79 million in residential rental income.
The company also reduced the company’s net debt from EUR 106.7 million in 2020 to EUR 104.68 million at the end of 2021 and reduced the amount of bank loans from EUR 177.09 million to EUR 156.9 million.
A note accompanying the financial statements states that the Company’s credit facilities and related securities are held by Nama.
Mr. Gannon was one of the most prominent developers from the Celtic Tiger era and the firm has been officially in Nama since 2012, having entered into a liaison management agreement (CAM) with the Debt Agency earlier that year.
The company said its activity for the year reflected the overall level of demand in the home construction and sales market.
Gannon Homes continues to develop inventory for sale “that reflects confidence in underlying demand for new homes,” the balance sheet said.
The Company currently has a strong business pipeline ahead of the planning process.
An Bord Pleanála is currently reviewing a €1.15 billion Gannon housing project for North Dublin.
Earlier this year Gerard Gannon Properties submitted plans for the largest ever Strategic Housing Development (SHD) comprising 2,527 units for Belcamp Hall, Malahide Rd in Dublin.
The project includes 1,780 apartments, 473 houses and 274 duplex units. As part of the program, 1,969 units are residential units with 558 rental apartments.
At the beginning of last year, the company owed Mr. Gannon €3.84 million. During the year, he advanced the firm €11.27m and they repaid €9.4m, leaving €5.7m outstanding at the end of 2021. The amounts due to Mr. Gannon are unsecured, refundable on demand and accrue annual interest of €100.
https://www.independent.ie/business/irish/nama-developer-gerry-gannon-books-profit-increase-as-new-plan-awaits-approval-42147092.html Nama developer Gerry Gannon posts increased profit as new plan awaits approval