DCU took in nearly €13m from its student accommodation last year
took in €12.92 million from its
student accommodation
in 2024, down marginally on the €12.97 million made the year prior.
The figures, reported by a subsidiary of the university to the
Companies Registration Office
, bring the total income generated by Irish universities from student accommodation to €126 million for the year.
An
analysis of the financial accounts for Ireland's main universities
by The Irish Times showed the income from student accommodation has nearly doubled since 2015 as third-level institutions have hiked fees and invested in new accommodation blocks.
Universities made €117.6 million from student accommodation in 2023. Excluding Dublin City University, which had not published its consolidated accounts, the figure for 2024 stood at €113.5 million made from their residences.
READ MORE
[
Minister wants exemptions to new rent rules to be considered for students sharing houses
Opens in new window
]
The publication of the accounts for the north-Dublin college's holding company subsidiary, DCU Educational Supports DAC shows that the sector-wide figure broke €120 million for the first time.
The company operates the renting out of student residences on DCU campuses, runs language and translation services, and a series of other commercial services for the university.
Its accounts show that DCU pocketed €12.92 million from their student accommodation in the year to September 2024.
A spokesman for DCU said a significant portion of the revenue from its student residences is generated 'during the summer months, when undergraduate beds are not occupied, when we charge full commercial rates' to visiting students, academics and tourists.
The college is planning to add an additional 405 new beds aided by Government funding. This came after plans to construct 1,240 beds had to be paused and eventually scaled back due to what, DCU chief operations officer, Declan Raftery described as 'escalating costs of construction' resulting in the development 'simply not being viable in the absence of support from Government'.
Income at the university-owned company increased to €51.5 million in 2024, up 2 per cent from a year earlier. Costs of sales decreased by more than €850,000 to €16.37 million, but the savings were absorbed by significantly higher administrative costs which rose €3 million to €30.07 million. As a result, the company saw profits drop slightly from €4.17 million to €3.57 million.
The main income sources for the company are DCU's student residences, which accounts for a quarter of its income, as well as English language teaching and translation services – €9 million, and construction services transfers of €8.8 million. The company reported income of €5.6 million from its catering services.
Staff costs rose last year to €10.8 million, and the company made a donation to its parent company, Dublin City University, of €1,29 million in the year ending September 2024, having made a slightly larger the year prior, of €1.55 million.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
17 minutes ago
- Irish Examiner
Kenmare urges decision on Mozambique rights renewal
Titanium miner Kenmare Resources said on Wednesday it could seek arbitration over delays to an extension of its mining rights in Mozambique. The Dublin-headquartered company owns the Moma Titanium Minerals mine on the north-east coast of Mozambique, mainly producing ilmenite. The mineral is a source of titanium dioxide used mainly in industrial paints and coatings as well as in electronic equipment, packaging, pharmaceuticals and cosmetics. Kenmare said it has been in inconclusive talks with the Mozambican authorities since 2022 to renew a 20-year mining and export agreement that lapsed in December 2024. "We are concerned at the continued extension of this process," Kenmare managing director Tom Hickey said in a statement. "While we remain hopeful of a successful conclusion to negotiations, we reserve the right to safeguard Kenmare's contractual entitlements, up to and including arbitration, if an agreement cannot be reached," he added. Hickey told Reuters in an interview that the royalty rate was a major hurdle in agreeing new terms. "We've been told, when this agreement went to the Council of Ministers back in March, the royalty was the principal sticking point," Hickey said. "We have made a proposal that we hope will be seen as satisfactory to address that, but we just want a conclusion," he added. The Mozambican government was not immediately available to comment. Kenmare's proposals include a phased increase in the royalty rate from 2.5% in 2025 to 3.5% over the course of the 20-year agreement, a withholding tax on payments to non-Mozambican suppliers as well as further capital investments and contributions to community development projects. On Wednesday, Kenmare reported $160 million of mineral sales in the six months to June 30, a 3% increase on the same period last year. Weak prices in an oversupplied market slashed its half-year profit by 71% to $6.1 million. Reuters
Irish Times
an hour ago
- Irish Times
Irish house price inflation at 7.8% in June amid ongoing supply shortage
House prices in the Republic grew at an average annual rate of 7.8 per cent in June, keeping the pressure on would-be buyers. The headline rate was unchanged from the previous month and down from over 10 per cent last year. The Central Statistics Office's (CSO) latest barometer indicated prices in Dublin, where supply pressures are strongest, rose at an annual rate of 6.6 per cent in June while prices outside the capital were up by 8.8 per cent year-on-year. The median or middle price paid for a home in the 12 months to June was €370,000. READ MORE
Irish Times
3 hours ago
- Irish Times
Nepalese restaurant worker has €23,000 award overturned over delay in making complaint
A Nepalese restaurant worker awarded more than €23,000 at the Workplace Relations Commission last year has had the award overturned by the Labour Court . The court found his complaint about breaches of employment law by the fast food outlet where he worked had been made after the permitted time period had elapsed. Suman Bhurtel had told the WRC he started working at Chicken Castle Ltd's Chicken Club on Main Street, Castleisland, Co Kerry , in October 2020 having been given a contract that suggested he would receive €30,000 a year for a 39-hour week, equivalent to €576.92 per week or €14.79 an hour. Accommodation was also included in the deal. However, the WRC concluded from the evidence presented Mr Bhurtel had been paid an average hourly wage of just €8.24 while working there, €6.52 less than the hourly wages set out in his contract and more than €3 under the €11.30-an-hour minimum wage in force at the time. READ MORE Among the other complaints made by Mr Bhurtel, who was represented by the Migrant Rights Centre Ireland (MRCI), was that he worked 92 Sundays and various public holidays without receiving any premium payments, his working weeks averaged 70 hours, he did not receive the days off he was due, he had taken no annual leave in 2020 or 2021 and was then not paid for his only period of annual leave in 2022 and he did not get to take adequate breaks when at work. Satwinder Singh, the company secretary, denied Mr Bhurtel worked 70 hours a week and maintained he worked 39 hours as provided for in his contract. He told the tribunal Mr Bhurtel, whose job included preparing food, taking payments, cleaning and handling takings, was never scheduled to work Sundays or public holidays and said he had paid Mr Bhurtel in cash for annual leave. The date on which Mr Bhurtel left the job was disputed by the two sides while there was a question over the commission's jurisdiction to hear the case because of the delay in making the original complaints. Mr Bhurtel sought an extension of the period covered by the complaints on the basis that he was totally dependent on his employer because of his work permit and accommodation status. Adjudicator Úna Glazier-Farmer found the employer 'took advantage' of Mr Bhurtel's situation of 'total dependency' in respect of his accommodation and work permit status and concluded this was reasonable cause to extend her jurisdiction beyond the usual six-month limit to 12 months, giving her the power to compensate Mr Bhurtel for 22 weeks and four days between February 22nd, 2023, and the end of his employment on August 15th that year. The total of €23,130.94 she awarded him included €6,655.50 for breaches of his rights in relation to rest periods, €4,538.80 in relation to annual leave, €3,244.50 for breaches of the National Minimum Wages Act and €5,496.75 under the terms of the Working Time Act in respect of the difference between the national minimum wage and the hourly rate set out in his contract of employment. The company appealed all five awards, however, and in a newly published decision the Labour Court found all to have been statute barred. The court heard Mr Bhurtel's original delay in complaining was also because he had been unaware of his legal rights until consulting with the MRCI and he had been hampered by his first language not being English. In its decision, however, the court said that 'put at their most basic, the facts speak for themselves ... the application was made out of time and, in the court's judgment ... no explanations 'which both explain the delay and afford an excuse for the delay' have been advanced ... that would permit the court to extend time'.
