Expansion into different businesses and countries boosted profit at builders John Paul Construction by more than 65 per cent last year to €18.7 million, new results show.
Accounts recently filed for John Paul Construction Ltd show the company grew turnover in 2021 by a fifth to €420 million from €352 million the previous year.
Operating profit rose 65.5 per cent to €18.7 million last year from €11.3 million in 2020, the results filed with the Companies’ Registration Office show.
Continued “sectoral and geographical diversification” contributed significantly to the company’s improved sales and profits last year, say directors Liam Kenny and Conor O’Donnell, in their report.
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John Paul’s main business is building and civil engineering in Ireland, Britain, the Netherlands, Bahrain and Saudi Arabia.
The company’s clients in the Republic include Dublin Airport owner DAA, Tullamore Dew Distillery, owned by William Grant & Sons, Glaxosmithkline and others, while it has built student accommodation in various Dublin locations.
Covid-19 caused the business further disruption during 2020, including the temporary shutdown of several of its sites in the first quarter of the year, say Mr Kenny and Mr O’Donnell.
The company’s balance sheet shows it ended last year with net assets of €27.32 million, ahead of the €24.7 million it recorded 12 months earlier.
It paid dividends of €13.4 million to its parent during the year. The company is a subsidiary of John Paul Group Holdings Ltd.
Meanwhile, recently-filed accounts show that operating profit at Jones Engineering Holdings Ltd fell almost 19 per cent last year to €48.67 million from €59.8 million in 2020.
Turnover at the mechanical and electrical engineering contractor rose about 28 per cent to €915.9 million in 2021 from €726.6 million the previous year.
However, costs also rose sharply, to €810.8 million from €619 million, while administrative expenses increased €10 million to €52.8 million.
The company’s clients include pharmaceutical giants Pfizer and Bristol Myers Squibb. In Britain it has worked for Severn Trent Water Authority and Fife Council.
Jones ended last year with net assets of €115 million, against almost €121 million 12 months earlier.
The company paid a dividend of €47.155 million last year, an increase of almost €12 million on the 2020 payout of €35.5 million.
Directors John Gillece and Stephen McCabe say in their report that they were happy with the company’s performance.
