Irish unit of Analog Devices pays out dividends of $5.4bn
New accounts show that Limerick-based Analog Devices International UC paid out the dividends as profits decreased by 72 per cent to $487.78 million in the 12 months to the end of November 2nd last.
The drop in profits arose mainly from non-cash amortisation costs rising from $2.04 billion to $2.73 billion. Revenues increased by 4 per cent to $8.55 billion during the 12-month period.
In May 2023, the company announced plans to build a €630 million facility in Co Limerick, adding 600 jobs to its Irish workforce.
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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 state that the results for 2024 'were in line with expectations'.
They state that dividends of $3.18 billion were paid during 2024 and in a post balance sheet event the company paid further dividends of $2.25 billion to Analog Devices Limerick UC.
Numbers employed increased by 131 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 $195.8 million.
The company recorded post-tax profits of $398.7 million after incurring a corporation tax charge of $89 million.
Sounding an upbeat note, the directors state that '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 state that its R&D spend last year totalled $1 billion - up from a spend of $615.2 million in 2023.
Directors' pay totalled $2.19 million made up of emoluments of $715,000, $1.42 million on long-term incentives and $54,000 in pension contributions.
At the end of December, the firm had shareholder funds of $26.74 billion. The company's cash funds increased from €163 million to €570.73 million.
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