New accounts show the Limerick-based Analog Devices International UC recorded the increase in profits after revenues rose by 6pc from $7.72bn to $8.18bn in the 12 months to the end of October 28 last.
In May 2023, the firm announced plans to build a €630m facility in Co Limerick, adding 600 jobs to its Irish workforce.
The investment at its European regional headquarters in Raheen Business Park involves the construction of a 45,000 sqft research, development and manufacturing facility.
The directors state the results for 2023 “were in line with expectations”.
They state that dividends of $2.93bn were paid during the year with a further dividend of $250m declared, but unpaid at year end.
In a post-balance-sheet event, the company paid further dividends of $1.47bn to Analog Devices Limerick UC.
Numbers employed at the firm increased by 13pc from 1,435 to 1,626 during 2023.
The chief factor behind the jump in pre-tax profits was due to the increase in revenues and a sharp decrease in non-cash impairment losses in 2023 – $70.2m last year compared with $613.7m in 2022.
The directors state that gross margin increased by 2.7pc to 67.38pc, primarily as a result of favourable product mix and higher factory utilisation due to increased customer demand.
The company recorded post-tax profits of $1.48bn after incurring a corporation tax charge of $257.5m.
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 directors state the company has a purpose-built European Research and Development Building at their Limerick campus and the R&D spend last year totalled $615.25m, compared with $757.86m during 2022.
Staff costs rose from €$186.07m to $192.27m and the pay included share-based payments of $16.34m.
Directors’ pay totalled $3.24m made up of emoluments of $1.532m, $440,000 in share option gains, $1.2m on a long-term incentive scheme and $59,000 in pension contributions.