New accounts filed by FedEx Express Ireland Ltd show the profits at the firm declined after revenues decreased by 8pc from €70.9m to €65.05m in the 12 months to the end of May this year.
In the accounts the directors stated that turnover decreased by 8pc “due to decreased yield during the year”.
Numbers employed by the firm this year increased from 266 to 277 as staff costs increased by €3m to €17.19m. That included share-based payments of €386,488.
The company operates a Global Data Centre in Dublin for the FedEx Group.
The firm’s profits took account of non-cash depreciation costs of €12m and operating lease expenses of €3m.
At the end of May, the company had shareholder funds of €82m.
Separately, accounts for competitors United Parcel Service of Ireland Ltd show it made pre-tax profits last year of €1.74m, which was a 73pc fall on the pre-tax profits of €6.4m recorded in 2022.
The chief factor behind the decrease was €2.5m in dividends received from unlisted investments in 2023 compared to €8m under that heading in 2022.
Revenues at that firm declined by 5pc from €123.4m to €117.15m.
In the accounts the directors stated that UPS Ireland improved its gross margin by 2.49pc in comparison to 2022 by “revenue mapping” lower margin customers while identifying additional opportunities to make cost efficiencies.
Company expects to continue to grow and recover its operating margin in the near future
They added that the company reported an improvement in its operating margin by 0.51pc achieved by effective management of expenditure in the year.
The directors stated that the “company expects to continue to grow and recover its operating margin in the near future”.
A breakdown of the company’s revenues shows that €31.26m was generated in Ireland, €47.9m in Europe and €37.97m in the “rest of world”.
The profit last year took account of non-cash depreciation costs of €906,888 and operating lease costs of €1.03m.
Numbers employed at the firm last year fell from 374 to 319. Wages costs declined from €16.1m to €15.55m.
Shareholder funds increased from €37.38m to €38.79m. That included accumulated profits of €5.26m.
A new report by watchdog ComReg showed that aggregate 2023 revenues for the seven main parcel delivery service providers, including UPS and FedEx, totalled €867.4m, a dip of 1pc on 2022.