Paypal’s profits increase 12.5%
Accounts just returned to the Companies Office show that Paypal Europe Services Ltd increased its operating profits after revenues increased marginally from €91.7m to €92.1m in the 12 months to the end of December last.
Paypal is the market leader in secure online transactions.
The company has its European headquarters in Blanchardstown, where it hosts its European customer services and financial services functions.
Earlier this year, Paypal, which was bought by Ebay in 2002 for $1.5bn, announced the creation of 1,000 jobs in Dundalk.
Pre-tax profits decreased from €5.7m to €5.63m, largely due to grant income more than halving from €1.4m to €685,000.
The numbers employed rose from 1,246 to 1,348.
Paypal’s Irish operation is led by Louise Phelan and the figures show that remuneration for the company’s three directors totalled €511,000.
The directors’ report states that “despite the continued unfavourable macro-economic environment, the outlook for 2012 remains positive as the Paypal Group plans to grow at a faster pace than e-commerce”.
The directors state that they are satisfied with the performance of the company, which is broadly in line with expectations.
The report refers to the February announcement of the new Paypal operations centre in Dundalk and states: “In 2012, the company will continue to focus on delivering superb end-to-end customer experience, support the growth of Ebay’s marketplaces and its merchant service business by driving both merchant acceptance and consumer preference.”
The report reveals that Paypal “continued its relationship with IDA Ireland in 2011 to further develop its centre of excellence to drive innovation in Paypal’s operations”.
The Dublin facility is Paypal’s first regional centre for operational excellence and according to the company, is a model for Paypal’s international operations worldwide.
Globally, Paypal employs 10,000 people and has 106 million active customers.
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