Pre-tax profits at the main Irish arm of semiconductor manufacturer Analog Devices last year increased more than three fold to $1.79 billion (€1.53 billion).
New accounts show that the Limerick-based Analog Devices International UC recorded the increase in profits after revenues rose by 17% from $8.55 billion to $10.02 billion (€8.59 billion) in the 12 months to November 1 last.
The $1.79 billion in pre-tax profits are a 268% increase on the pre-tax profits of $487.78m for 2024.
The company’s workforce continued to increase last year rising by 156 from 1,757 to 1,913 and this followed the firm in May 2023 announcing plans to build a €630m facility in Co Limerick, adding 600 jobs to its Irish workforce.
The investment at its European regional headquarters in the Raheen Business Park involved the construction of a 45,000 square foot research, development, and manufacturing facility.
The directors state that the results for 2025 “were in line with expectations”.
The directors state that dividends of $4.04 billion were paid with a further dividend of $200m declared and unpaid at year end.
In a post balance sheet event, the directors state that the company paid further dividends of $2.3 billion was paid to Analog Devices Limerick UC.
Last year, the firm received dividends of $584.7m and has received further dividends of $301.45m post year end.
The directors state that revenue increased by 17% “as a result of broad-based increase in demand for our products across all markets”.
They state that “gross margin improved primarily due to higher utilisation and to increased customer demand”.
“Our diversified business model combined with our leading technology portfolio position the company to deliver sustainable long-term growth in the years ahead,” they say.
The 1,913 staff was made up of 866 in manufacturing, 642 in engineering, 308 in marketing and 97 in administration as staff costs increased by 33% from $195.77m to $260m that included share based payments of $24.82m.
The profit last year takes account of non-cash amortisation costs of $2.72 billion. The company recorded an operating profit of $1.19 billion and benefited from dividends of $584m to increase profits.
The company’s largest market last year was China which accounted for $2.85 billion in revenues, followed by “Rest of Asia” which accounted for $2.84 billion in revenues.
The firm generated $2.28 billion revenues in Europe, $1.08 billion in the US and $953m in Japan.
The company recorded post tax profits of $1.59 billion after incurring a corporation tax charge of $198.24m.
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 company has a purpose built European Research and Development building at their Limerick campus and the R&D spend last year totalled $1.18 billion – up marginally from a spend of $1 billion in 2024 on the design, development and improvement of new and existing products and manufacturing processes.
Directors’ pay totalled $1.72m made up of emoluments of $1.02m, $601,000 on long term incentive scheme and $101,000 in pension contributions.
At the end of December, the firm had shareholder funds of $24.47 billion. The company’s cash funds increased from €570.73m to $674.39m.
Reporting by Gordon Deegan
