Irish house builder Cairn Homes will return €95 million to investors this year after earning €58 million profit in 2021 on its strongest ever performance. It has also upgraded its financial forecasts for this year.The company said in a trading statement on Wednesday that its operations earned profits of around €58 million, 10 per cent ahead of its predictions.Dividend
In addition it will pay a final dividend of €20 million, 2.7 cent a-share, assuming shareholders back this at its annual general meeting. Its statement highlighted that the second half of the year was Cairn’s strongest in terms of house sales and profits. The builder expects to earn operating profits this year of between €95 million and €100 million on revenues of €600 million from selling 1,500 homes.Michael StanleyHe stressed that giving shareholders returns was key for the company. “It is therefore important that we were able to reinstate dividend payments in 2021 and we are now also recommencing a sizeable share buyback programme,” said Mr Stanley.
Surprise surprise!
And there you have it. 22% of the cost of a new build goes to the developer €77k, Financiers circa 10% €35k. VAT 13.5% €47k, income tax on wages say 35% of labour cost say €35k. Taxes and duties on materials guess €20k. BURDEN CARRIED FOR LIFE. SCANDAL.
No wonder he looks smug..