Pre-tax profits at the main Irish arm of semiconductor manufacturer Analog Devices last year surged by 72% to $792.94m (€726.35m).
New accounts show that the Limerick-based Analog Devices International UC recorded the increase in profits after revenues rose by 24% to $7.72 billion in the 12 months to 29 October.
In May, the firm announced plans to build a €630m ($685m) facility in Co Limerick, adding 600 jobs to its Irish workforce.
The investment at its European regional headquarters in the Raheen Business Park involves the construction of a 45,000sq ft research, development, and manufacturing facility.
Referring to the Limerick campus investment, the directors in their report state that it is "a reflection of Analog Devices Inc's continued commitment to expansion in Europe".
In another post balance sheet event, the directors state that dividends of $1.55 billion were proposed and $1.05 billion of this balance was paid to connected firm Analog Devices Limerick Unlimited Company.
The directors state that the firm's gross profits increased by $1.2 billion to $5 billio last year "primarily as a result of favourable product mix and higher factory utilisation due to increased customer demand".
They state that this increase was offset by an impairment in acquired financial assets of $613.7m, increased distribution costs linked to higher customer demand of $145.1m and higher inter-company recharges.
The profit also takes account of non-cash amortisation costs of $2 billion.
The company recorded post-tax profits of $582.5m after paying corporation tax of $210.43m.
Sounding an upbeat note, the directors state that "the demand for our solutions will be unprecedented as technological innovation underpinned by ubiquitous sensing, hyper-scale and edge computing, and pervasive connectivity continues to grow at an exponential pace".
They 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 that the company has a purpose-built European Research and Development Building at their Limerick campus and the R&D spend last year totalled $757.88m, compared to $769.9m during 2021.
During the year, the firm paid out dividends of $783.94m.
Numbers employed by the company last year increased from 1,334 to 1,435; made up of 684 in manufacturing, 459 in engineering, 236 in marketing and 56 in administration.
Staff costs rose from €171.93m to €186.07m and the pay includes share based payments of $10.65m.
Directors' pay totalled $2.192m; made up of emoluments of $1.2m, €504,000 in share option gains, €448,000 on long term incentive scheme and €36,000 in pension contributions.
At the end of December, the firm had shareholder funds of $31.38 billion after benefiting from a capital contribution of $19.88 billion during the year.
The company's cash funds increased from $195.3m to $392.73m.
