The private bus company that operates the Aircoach service from Dublin Airport made a profit of €8m last year, paying its UK-based parent a €10m dividend.
The Aircoach service is operated by Last Passive Ltd, which is owned by British multinational First Group.
Aircoach doubled its profit in 2016, according to financial results filed with the Companies Office. Before 2015, the business had suffered a number of years of losses.
Now its owners say it is poised for expansion in Ireland, potentially at the expense of the State-owned operator.
"The company remains ideally placed to benefit from the planned liberalisation of public transport markets both in the Republic and Northern Ireland," the directors state in the accounts.
"The company will also be aggressively exploring all opportunities to develop its scheduled service business and contract bus operations during the forthcoming year."
Aircoach runs bus services to Dublin Airport from Cork, Belfast and places in Dublin city itself.
Last Passive Ltd revenues rose to €25.2m in the year to March 26, 2016 from €21.8m a year earlier.
The business had 194 staff, with a wage bill last year of €7.6m including pensions and social welfare costs, an average cost of €39,000 a worker.