THE property investment and development arm of Co Tyrone construction group McAleer and Rushe has posted a pre-tax profit of just under £32 million for 2022.
Newly published accounts for MRP Land show the Cookstown-based company recorded a 32 per cent increase in turnover to £110m in the year ending September 30 2022.
MRP's profit before tax rose accordingly by 18 per cent to £31.8m for the year.
The McAleer and Rushe business is effectively divided into its £400m construction arm and its MRP development and asset management business.
The company is active across Britain and the island of Ireland.
It is also the main sponsor of Tyrone GAA, with both the McAleer and Rushe and MRP logos adorning the jerseys worn by the county’s senior footballers and hurlers.
The company’s latest major investment in Belfast is The Ewart, an £85m high rise office development on Bedford Street.
The latest accounts for MRP Land Limited show it had £70m of investment properties in its portfolio as of September 30 2022. That compared to £82.9m a year earlier.
According to the report, published by Companies House, MRP disposed of £33m in property assets over the year, but added another £21.5m.
MRP’s considerable property portfolio includes Belfast office buildings The Vantage, Millennium House, Moneda House and Great Northern Tower.
It also owns a number of properties across Britain and the Republic including hotels, shopping centres and office developments.
The latest accounts show the business had £38.7m cash in hand as of September 2022, almost £5m more than the previous year.
MRP Land paid a tax bill of just over £6m last year.
