The Irish arm of US logistics firm FedEx last year delivered a dividend of €50m.
New accounts filed by FedEx Express Ireland Ltd show that pre-tax profits declined by 22% to €3.2m in the 12 months to the end of May last.
This followed revenues increasing marginally from €65.05m to €65.38m.
The directors state that revenues increased by 0.5% “due to increased volumes during the year”.
The main activity of the firm is the carrier of goods of every nature and description and it also operates a global data centre in Dublin for the FedEx group.
In addition to the revenues, the firm generated “other operating income” of €6.73m from the operation of its data centre which was down on the €15.6m generated by the data centre in 2024.
The firm – which continues to benefit from consumers purchasing goods online – was able to make the €50m dividend payout after the share capital of the firm was reduced by way of capital reduction by cancelling 52 million ordinary shares of €1.25 each.
This resulted in a cumulative transfer of €72.7m from the share capital and share premium accounts to the company’s accumulated profits reserves.
The firm’s operating profits declined by 26% from €2.86m to €2.11m and interest income of €1.09m resulted in the pre-tax profit of €3.2m.
In the year under review, the firm last year recorded post tax profits of €2.68m after incurring a corporation tax charge of €524,175.
Numbers employed by the firm last year reduced from 277 to 272 made up of 221 in operations, 33 in sales and customer services and 18 in finance, administration and management.
Staff costs reduced from €17.19m to €16.31m. Staff costs included salary costs of €13.97m and share based payments of €215,830.
Pay to directors last year increased from €211,870 to €372,764 and the largest component of directors’ pay last year was €264,364 in compensation for loss of office/other termination payments.
The remainder of directors’ pay comprised €37,297 in emoluments compared to €182,277 under that heading in 2024. Directors also received €13,956 under long term incentive schemes and €57,147 through the exercise of share options during the year.
After the dividend payout, offset by the post profit, the firm’s shareholder funds reduced from €82.09m to €34.99m.
Globally in the year end of May last, FedEx recorded revenues of $87.9 billion and employed 440,000 employees, had 695 owned aircraft in service and 78,000 vehicles.
Reporting by Gordon Deegan
