Facebook Ireland made a profit before tax of €361.3m in 2018 on revenues of €25.5bn.

The social network said accounts that it has lodged with the Companies Registration Office will show its pre-tax profits rose by 43% in 2018, up from €251.8m a year earlier.

The company paid €63.2m in tax on that profit, up 65% on the previous year.

That means the firm paid an effective tax rate of 17.5% for the period.

Revenue rose by more than a third to €25.5bn, compared to a year earlier.

The company claims it contributed €961 million directly to the Irish economy in capital investment, suppliers and employee-related expenses.

A year ago, the company revealed that it was expanding its presence in Ireland, by acquiring a long-term lease of 14 acres for a new campus development at Bank Centre in Ballsbridge in Dublin. 

The development will substantially increase its floorspace in the city, enabling it to expand its workforce by up to 5,000.

All 2,000 employees based at its current European Headquarters in Grand Canal Square in Dublin will have moved to the new campus by 2022.