Pretax profits at the Irish arm of Elon Musk’s Starlink satellite firm last year almost doubled to $13.87 million (€11.97 million).
New accounts filed by the Dublin 2 registered Starlink Internet Services Ltd show that profits increased as revenues surged by 94 per cent to $693.79 million last year.
The directors state that turnover rose significantly “driven by a substantial increase in sales to both residential and enterprise customers”.
The company is wholly owned by Mr Musk’s SpaceX. Starlink globally has the world’s largest satellite constellation using a low Earth orbit to deliver broadband internet.
Starlink earlier this year confirmed that it had more than 6,750 satellites in orbit.
The Dublin-based unit is principally involved in the sale of broadband internet and telecommunication services and the business provides Starlink internet in various countries outside the US.
The accounts don’t provide a geographical breakdown of revenues.
In March of this year, the company lodged an application with ComReg for a license to operate a satellite earth station at Killala, Co Mayo to connect to Starlink’s NGSO (Non-geostationary orbitsystem) to enhance the connectivity capabilities and capacity for Starlink users.
ComReg has indicated it proposes to grant Starlink a licence for its proposed SES at Killala but has invited submissions from the public over the plan.
The profits at Starlink Internet Services Ltd take account of intercompany costs of $630.38 million and non-cash depreciation costs of $9.32 million.
Numbers directly employed increased from three to nine and all are involved in finance and regulatory as staff costs rose from $199,155 to $1.72 million.
The company recorded an after tax profit of $12.03 million after incurring a corporation tax charge of $1.84 million.
The directors state that the customer base expanded significantly across both the residential and enterprise segments, including the aviation and maritime sectors, reflecting strong demand for the company’s products and services in both new and existing markets.
On future developments, the directors state that Starlink “is expected to continue its rapid global expansion, driven by increasing demand for high-speed, low-latency satellite internet, particularly in underserved and remote regions”.
They state that “as the satellite constellation evolves, further improvements in performance and coverage are anticipated, supporting continued customer acquisition and retention. Expansion into new markets, including urban areas, presents additional revenue opportunities”.
Accumulated profits at the company totalled $20.65 million as cash funds reduced from $61 million to $14.86 million.
