Developer building hundreds of homes across Kildare sees 2022 profits double

A developer building hundreds of homes across Kildare saw its profits double for the first six months of 2022.

Glenveagh Properties, has busy building sites at Belin Woods in Newbridge, Walker's Gate in Kildare town, Barnhall Meadows in Leixlip and Ledwill Park in Kilcock.

It is also construction projects across Dublin as well as Meath, Wicklow and Offaly.

The company said it has a total of 23 active construction sites, up from 18 sites at the end of 2021.

It added that these sites are capable of delivering over 4,500 units.

The homebuilder also said it is on track to deliver over 2,050 units for local authorities focused on social, affordable and cost rental homes.

Figures released in recent days show that revenues for January to June this year rose by 57% to €200m from €127.5m the same time last year.

The company’s profit before tax soared by 202% to €13m from €4.3m last year when Covid-19 curbs were still in effect.

Stephen Garvey, Glenveagh’s CEO, said the company was dealing effectively with the challenges of disrupted supply chains and the volatile cost of raw materials.

He also criticised the planning system for “contributing to the supply shortage rather than alleviating it.”

He said the Government’s First Home and Help to Buy schemes will provide much-needed support for homebuyers.

But added: “They won’t be enough to solve Ireland’s accommodation crisis if planning policy and the planning system do not get the reform they need so urgently.”