Irish arm of Analog Devices pays out over €5bn in dividends
The drop in profits arose mainly from non-cash amortisation costs rising from $2.04bn to $2.73bn.
Revenues at the firm increased by 4pc, from $8.18bn to $8.55bn, during the 12-month period.
In May 2023, the firm announced plans to build a €630m facility in Co Limerick, adding 600 jobs to its Irish workforce. The investment at its European regional headquarters in Raheen Business Park involved the construction of a 4,180 sq m research, development and manufacturing facility.
The directors said the results for 2024 'were in line with expectations'. Dividends of $3.18bn were paid during 2024 and in a post-balance sheet event, the company paid further dividends of $2.247bn to Analog Devices Limerick UC.
Numbers employed increased by 131, from 1,626 to 1,757, during 2024. The staff complement was made up of 741 in manufacturing, 634 in engineering, 308 in marketing and 74 in administration. Staff costs marginally increased to $195.77m.
The directors said gross margin decreased primarily as a result of a change in product mix. They said the operating profit has decreased mainly because of the $695.9m increase in the amortisation of intangible assets, while there was also an increase in distribution and administrative expenses of $388m to $1.83bn.
The company recorded post-tax profits of $398.7m after incurring a corporation tax charge of $89m.
Sounding an upbeat note, the directors said: 'Our diversified business model combined with our leading technology portfolio position the company to deliver sustainable long-term growth in the years ahead.'
The directors said the company has a purpose-built European research and development building at its Limerick campus and the R&D spend last year totalled $1bn – which was up from $615.2m in 2023.
Directors' pay totalled $2.19m, made up of emoluments of $715,000, with $1.42m on a long-term incentive scheme and $54,000 in pension contributions.
At the end of December, the firm had shareholder funds of $26.74bn. The company's cash funds increased from €163m to €570.73m.
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