*Magowna House. Photograph: John Mangan
PRE-TAX profits at the Cork based firm housing International Protection Applicants (IPAs) at Magowna House in Inch in Co Clare last year increased ten fold to €2.2m.
That is according to new accounts filed by CRM Properties Ltd which show that its pre-tax profits of €2.22m for last year follow pre-tax profits of €202,519 in 2021 – an increase of 997pc.
A contract entered into by CRM Properties Ltd to house IPAs with the Department of Integration at Magowna House resulted in a stand-off between the local community and Government following the arrival of 34 IPAs on Monday, May 15th.
Barricades erected by locals at both ends of a road leading to Magowna were removed after the Minister for Integration, Joe O’Brien (GP) said that no further IPAs would be housed at Magowna for a four week period.
The property has capacity for 69 IPAs overall.
CRM Properties Ltd with an address of Main Street, Buttevant, Co Cork and owned by Donal O’Brien was only established in 2020 and its business expanded rapidly last year after it commenced housing Ukrainians.
Figures from the Department of Integration show that CRM Properties Ltd received €4.83m (incl VAT) last year for housing Ukrainians.
The quarterly figures show the firm receiving the largest proportion of fees at €2.54m in the final quarter of 2022 under the heading of ‘Ukraine Accommodation and/or related costs. The accounts show that the company recorded post tax profits of €1.9m last year after incurring a corporation tax charge of €311,228.
Numbers employed by CRM Properties last year reduced from 23 to 16. A note describes the firm’s main activity as the renting or operating of own or leased real estate.
CRM has continued to earn large sums this year from the accommodation of Ukrainians with the company earning almost as much from January to June than across the 12 months of 2022.
The figures show for the first six months of this, CRM Properties Ltd has received €4.5m for accommodating Ukrainians – €2.1m for the first quarter and €2.4m for the second quarter. It also received an additional €213,900 for housing IP applicants for the second quarter.
The company’s cash funds last year increased from zero to €1.44m while accumulated profits increased from €171,648 to €2.08m.
