Pre-tax profits at tech firm up 3%

Pre-tax profits at the main Irish arm of German-owned technology firm SAP increased by 3% to €2.2m last year.

Accounts filed with the Companies Office show revenues at SAP Service and Support Centre (Ireland) Ltd increased by 10%, from €54.7m to €60.4m, in the 12 months of the end of Dec 2010.

Last July, SAP signed a lease on a new 1,350sq ft facility at Citywest in Dublin to accommodate its continued investment in Ireland as it filled 100 new positions.

The company supplies services and support to worldwide customers in the SAP Group.

The directors state it is their intention “to continue to develop the activities of the company both from existing markets in which SAP operate and new markets that they seek to gain market share”.

At the end of Dec 2010, the company had accumulated profits of €22.1m. Shareholder funds totalled €27.7m and included €250,158 in cash.

With the numbers employed increasing from 654 to 698, SAP’s staff costs increased from €37.1m to €40.1m.

Directors’ emoluments increased from €437,949 to €523,272.

The accounts show that SAP’s cost of sales increased from €44m to €48m, while its administrative expenses rose from €8.6m to €9.9m.

The company’s operating profits increased by 4% from €2m to €2.1m.

The data show SAP’s recorded interest receivable of €58,944 compared to €90,025 in 2009.

SAP paid €159,399 in tax compared to a tax charge of €498,185 in 2009. There was a depreciation charge of €1.8m last year.

The company did not recommend the payment of a dividend in 2010.