Facebook parent’s Irish operation paid €3.7 billion dividend last year

The Dublin-based international HQ for the parent of Facebook and Instagram paid a dividend of nearly €4 billion last year, as revenue at the business continued to surge.

Revenues at Meta Platforms Irish unit increased by €5.7 billion to €58.05 billion – or average weekly revenues of €1.1 billion.

New accounts filed by Meta Platforms Ireland Ltd with the Companies Office show that after the 11 per cent increase in revenues, the company’s pretax profits increased 47 per cent to €1.75 billion

Its sales account for 54.5 per cent of Meta’s global revenues of $116.6 billion (€106.5 billion) for 2022.

What we must still learn about the great inflation disaster

---

Cyber attack at Irish telecoms firm?

---

British Virgin Islands-based company buying up portfolio of premium Dublin properties

---

Bonds are back: but should you invest?

---

The firm recorded a profit after tax of €1.21 billion. The company incurred a corporation tax charge of €535.93 million.

The accounts disclose that during the year, the firm paid a dividend of €3.7 billion to its parent company, Facebook International Operations Ltd.

Last year, Meta axed around 350 roles at its Irish base and the directors state that the company recorded severance expenses for impacted employees of €22.5 million.

In May of this year, Meta announced another round of jobs losses where up to 490 jobs were expected to be cut here.

Last year, average headcount at the business increased by 9 per cent with employee numbers rising from 2,440 to 2,662.

Staff costs increased by €93.4 million or 22 per cent from €425 million to €518.48 million.

Combined salary costs of €335.14 million and share based payments of €88.3 million amounting to €423.44 million show average pay for Meta workers at €159,070 for 2022.

Directors received pay of €1.9m along with €4m under long term incentive schemes. A note states that other director payments in connection with retirement from office amounted to €100,000.

Meta scaled back its plans for its new European HQ in Dublin 4 last year and the accounts disclose that the company’s profits sustained a €221.3 million impairment charge for tangible assets “as a result of implementing a facilities consolidation strategy impacting leased office buildings”.

Meta Ireland – led by Anne O’Leary after her formal appointment in June of this year – officially opened its new international HQ at Ballsbridge last month.

The accounts also disclose that profits were hit by the company setting aside an additional €1.43 billion concerning regulatory compliance provisions during 2022 in addition to the €2.99 billion already set aside resulting in €4.42 billion being set aside at the end of last December.

The directors state that the increase in regulatory provision contributed to administrative expenses rising from €48.5 billion to €53.8 billion last year.

The company’s operating profits last year increased by 4 per cent from €1.25 billion to €1.31 billion and “other income” concerning a €424 million “gain of derivate” was the chief factor behind the €566 million jump in pretax profits.