Analog Devices' Limerick unit pays out dividends of $5.42bn
New accounts show that the Limerick-based Analog Devices International UC has paid out the dividends as profits decreased by 72% to $487.78m in the 12 months to the end of November 2, 2024.
The drop in profits arose mainly from non-cash amortisation costs rising from $2.04bn to $2.73bn. Revenues at the firm increased by 4% 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 the Raheen Business Park involved the construction of a 45,000sq ft research, development, and manufacturing facility.
The directors said the results for 2024 'were in line with expectations'. They said 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. Staff was made up of 741 in manufacturing, 634 in engineering, 308 in marketing and 74 in administration as 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 due mainly to 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 their Limerick campus and the R&D spend last year totalled $1bn - up from a spend of $615.2m in 2023 on the design, development and improvement of new and existing products and manufacturing processes.
Directors' pay totalled $2.19m made up of emoluments of $715,000, $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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