Profits in Uber’s Irish arm rise as it looks to grow

Profits in Uber’s Irish arm rise as it looks to grow
Michael Noonan when he opened the Uber offices in Limerick

By Gordon Deegan

Pre-tax profits at the Irish arm of ride-sharing taxi firm, Uber last year increased by 28% to €607,203.

The San Francisco-headquartered firm set up here in 2015 when it opened a centre at Thomas St in Limerick.

Accounts filed by Uber Centre of Excellence Ltd last year show the firm’s revenues totalled €13.3m.

It represents a 30% increase on the revenues of €10.4m generated over 17 months from July 30, 2015 to the end of December 2016.

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 St base.

Last year was a period of a rapid rise in numbers employed at the Uber unit with 288 employed at the end of the year — a 148% increase on the 116 employed at the end of 2016.

The directors state that the company’s operations 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 rapid rise in numbers employed resulted in staff costs increasing from €5.6m in 2016 to €9.14m last year.

The profit last year takes account of non-cash depreciation costs of €1m. The company’s bill for lease of buildings totalled €423,987.

The company made a post-tax profit of €458,896 and this followed the company paying corporation tax of €148,307.

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