Profits rise to €3.9m at Irish arm of Ford

It comes despite the carmaker losing market share here in 2024

The firm recorded post tax profits of €3.11m.

Pre-tax profits at the Irish arm of carmaker Ford last year increased by 8% to €3.9m despite the firm losing market share here in 2024.

Profits increased at Henry Ford & Son Ltd after revenues declined by 1% from €338.62m to €334.01m. The carmaker’s total share of the Irish market decreased from 8.30% to 7% in 2024.

The directors state 2024 wholesale revenues decreased from 12,145 units to 11,618 units. The directors say the total Irish vehicle market increased by 0.6% to 155,000 units and Ford Ireland's share in Ireland was 3.58% across passenger cars compared to 4.95% for 2023.

The directors say the firm had a market share of 21.39% in commercial vehicles compared to 23.05% for 2023. They say Ford was market leader in commercial vehicle sales and sixth in passenger car sales. Also, that revenues were €4.6m lower primarily “due to pricing actions and a favourable mix”.

The company’s operating profits reduced from €782,000 to €763,000 and the company recorded the rise in profits before tax of €3.9m due to €3.15m in interest and finance income. The firm recorded post-tax profits of €3.11m after incurring a corporation tax charge of €797,000.

On the company’s future developments, the directors state that Ford’s commitment to its Irish customers “is to invest and grow its leading commercial vehicle business and to provide passenger vehicle customers with a more defined portfolio of sports utility vehicles and crossovers and iconic imported models with after-sales support supplied by a strong dealer network".

They say Ford's new electric Explorer and Capri are “the first in a wave of innovative new electric vehicles from Ford and forges the way for a complete reinvention of the Ford brand in Europe”. They state that the vehicles “will be on sale in late 2024”.

Based in Cork, the company was founded in 1917 by Henry Ford and was the first location outside the US, selected because his grandfather emigrated from the county. It is the only Ford company left to retain the full title Henry Ford & Son Ltd.

Numbers employed at the company last year remained at 17 and staff costs last year increased from €2.14m to €2.24m. Pay to key management personnel last year declined from €332,000 to €330,000.

Accumulated profits at the company at the end of last year totalled €21.26m.