Tuesday 22 October 2019

Profits hit the fast lane at Uber Ireland as revenues and workforce increase

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Stock photo

Gordon Deegan

PRE-TAX profits at the Irish arm of ride-sharing taxi firm Uber last year increased by 41pc to €860,487.

The San Francisco-headquartered firm set up here in 2015 when it opened a centre of excellence at Thomas Street in Limerick city, and accounts filed by Uber Centre of Excellence show that the company's revenues last year increased by 47.5pc from €13.32m to €19.65m.

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The centre is a major hub of Uber's support organisation across Europe, the Middle East and Africa, driving innovation and service excellence for the community of users in the region.

When setting up here in 2015, Uber signed a 10-year lease for its Thomas Street HQ in Limerick. Last year was another period of a rapid rise in numbers employed at the Uber unit with 419 employed at the end of the year - a 131pc increase on the 288 employed at the end of 2017.

The directors state that the company's operation will continue to expand its presence in the market with its product portfolio and generate revenue from the exploitation of its products and related service needs.

The sharp rise in numbers employed resulted in staff costs increasing from €9.1m in 2017 to €14m last year.

The profit last year takes account of non-cash depreciation costs of €1m. The company's bill for lease of buildings totalled €392,457. The company made a post-tax profit of €625,471 and this followed the company  paying corporation tax of €235,016.

The accounts disclose that directors of the firm made gains on group shares options of €2.759m during the year. The firm's shareholder funds last year totalled €2.8m that included accumulated profits of €1.4m.

The ride-sharing firm is not allowed to operate in Ireland. The National Transport Authority has told Uber that a proposal for a pilot Uber scheme in Limerick was 'undesirable'.

Irish Independent

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