Pre-tax profits at the main Irish unit of US telecommunications giant, Verizon Communications last year increased by 52% to $1.44bn (€1.23bn).
This followed revenues at Verizon Services Ireland Ltd last year rising by 51% from $982m to $1.485bn.
Across 2024 and this year, the company has paid out a total of $1.8bn in dividends.
The directors state that in the first quarter of this year, Verizon Communications completed its new global centre of excellence in Limerick city.
The project was first announced in December 2023 when Verizon stated that the global centre of excellence will employ more than 400 workers.
Verizon has been active here since 2006 and employs about 1,000 workers in Dublin.
In March of last year, the company paid out dividends of $475m to its then shareholder, Verizon UK Holding Ltd.
The directors state that following the transfer of shares in the company to Verizon International Inc on April 29th 2024, the company paid a dividend of $430m to Verizon International on September 12th 2024.
In a post balance sheet event, the directors state that it paid out dividends of $490m on January 27th 2025 and $410m on April 28th this year.
The directors state that they are satisfied with the performance of the company in 2024 and future developments include establishing the new global centre of excellence in Limerick.
A note states that at December 31st 2024, amounts provided for the acquisition or property, plant and equipment amounted to $7.34m.
In February 2024, Verizon Communications, signed a 15-year lease for 84,334sq ft (7,835sq m) of space at the newly developed 1BQ office scheme in Limerick City as part its global centre of excellence plans for Limerick
Developed by Kirkland Investments, 1BQ occupies a high-profile waterfront site overlooking the River Shannon at Bishop’s Quay in Limerick city centre and the scheme comprises an eight-storey office block.
The principal activity of Verizon Service in Ireland is to act as the centralised strategic services organisation with specialised resources focused on providing strategic sourcing services to drive underlying value through the generation of cost savings to the entire Verizon Group.
The firm also provides global roaming services to drive the marketing and pricing aspects of Verizon Wireless global roaming service offerings to customers.
The directors state that the company began providing additional services relating to the resale of used devices and accessories.
A breakdown of revenues shows that $1.1bn was generated through ‘sourcing’; $273m through ‘roaming’ and $27.8m through product resale services.
Numbers employed at the Verizon unit increased from 186 to 367 as staff costs rose from $30.74m to $45m. The company recorded post tax profits of $1.22bn after recording a corporation tax charge of $215m.
At the end of December 2024, the firm had accumulated profits of $769m. The company’s cash funds increased sharply, rising from $218.68m to $416.26m.
Reporting by Gordon Deegan
