Profits at DHL Ireland speed ahead to €9.48m as revenues reach €188m
Pre-tax profits at the Irish arm of delivery giant, DHL, last year increased by 13% to €9.48m.
New accounts filed show that DHL Express (Ireland) Ltd last year recorded the increase in profits as revenues rose by 9% from €171.98m to €188.14m. The €9.48m pre-tax profits follow pre-tax profits of €8.4m in 2023.
The company last year paid out an interim dividend of €5m and this followed a €5m dividend payout in 2023.
The directors state that the increase in revenues "represents a strong performance given the economic conditions in Ireland and indeed internationally'. They said that the company increased profitability despite the challenges in the domestic and international economy.
DHL Ireland makes express time-sensitive deliveries from Ireland to and from 220 countries.
The directors said that "the core international air express service - import and export - which represents the largest contribution to total turnover, is also the key driver of the growth generated through the year.
They said that the firm's "International Road, Domestic and Same Day services have also performed well and have delivered improved results'.
They stated that global supply chains continued to be impacted by the ongoing war in Ukraine and by the conflict between Israel and Hamas and thereafter 'the energy crisis and the impact of high inflation and weak (to negative) economic growth across most countries served'.
They said that 'despite these circumstances the DHL Express business in Ireland, delivered strong growth in turnover and profit".
The directors further add that the company continues to invest in its network infrastructure with a focus on carbon reduction. They stated that during the year the company took delivery of its first 44 electrical vehicles as the company transitions to an electrical fleet.
Numbers employed by the business last year increased by seven from 505 to 512 and staff costs increased by €2.8m from €32.7m to €3.55m.
Owned by the German-based Deutsche Post, the firm last year recorded post tax profits of €8.06m after paying corporation tax of €1.4m. At the end of December last, shareholder funds totalled €35.4m which included accumulated profits of €11.39m.
The profit last year takes account of combined non-cash depreciation costs of €1m while directors' pay totalled €642,729, made up of €570,691 in emoluments, €33,106 in benefits under a long-term benefit scheme and €38,972 in pension contributions. The profit also takes account of lease costs of €5.38m
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