Clancourt, the property group owned by Mr Charles Kenny, made a pre-tax profit of €9.9 million in 2003.

Accounts for Clancourt Group Ltd and subsidiaries recently filed with the Companies Office show the group paid a dividend of €1.1 million. A similar dividend was paid the previous year, when pre-tax profits were €4.8 million.

The principal activity of the group is the holding of investment and development properties in the Republic. Office developments owned by the group include the Harcourt Centre in Dublin.

Total recognised gains for the year, including profits after tax and the unrealised gain on the revaluation of investment properties, were €31 million.

Closing shareholders' funds were €179.5 million. Net assets were €216.7 million.

The group employed 65 people, including executive directors, during the year. Total staff costs were €5.8 million. Some staff costs are recharged to tenants of properties managed by the group, according to the accounts. Directors' emoluments were €3 million.

The accounts state that, in the event of the sale of the group's investment properties, the capital gains tax that would arise would come to €37.8 million. Capital gains tax is charged at 20 per cent, indicating a current paper profit on these assets of €188 million.

Companies representing the children of Mr Kenny (69), which are not part of the Clancourt group, hold options over a subsidiary, Mall Holdings Ltd, according to the accounts. The net assets of Mall are estimated to be worth €100 million at year's end.