Pre-tax profits at the Irish arm of car-maker, Ford last year increased by 52% to €1.5m.
This followed revenues at the Cork based Henry Ford & Son Ltd rising by 9% from €270.2m to €293.37m for 2022.
Revenues at the company increased despite wholesale volume remaining flat at 12,197 units compared to sales of 12,140 units in 2021.
The directors' report stated that revenues of €293.37m were higher than 2021 "primarily due to pricing actions and a favourable mix".
The directors state that Ford’s market share in passenger and commercial vehicles was an overall 8.3% last year which was down 2.3% on 2021.
In 2022, Ford was the market leader in commercial vehicles here increasing its market share by one point to 25% and the 5th best seller in passenger cars with a market share of 4.8%- which was down from 7% in 2021.
The sale of Ford models was flat last year against the background of the total Irish vehicle market declining by 3.6% on 2021.
The company's total costs and expenses last year increased from €269.2m to €292.28m.
On the firm’s future developments, the directors state that "2023 has witnessed a reversal in semi-conductor headwinds for Ford Ireland where supply across all nameplates resumed back to more stable operating conditions and opportunities for selling more volume of units across its dealer network versus 2022 is a key focus".
The directors state that "2023 also signifies a key moment in the restructuring of the dealer network, transitioning for the first time into dedicated passenger car sales and service sites effective from October 1st 2023."
The directors state that "this representational footprint/reset will also set the foundation for what will be transition of Ford into its all electric vehicle line up led by Mustang Mach E, E-Transit and over the coming years, all passenger cars nameplates will be fully electric/zero emission capable by 2030 and similarly on commercial vehicles by 2035".
Based in Cork, the company was founded in 1917 by Henry Ford and was the first location outside the US, selected because his grandfather emigrated from the county.
It is the only Ford company left to retain the full title Henry Ford & Son Ltd.
Numbers employed at the company last year remained at 17 and staff costs last year increased from €2.52m to €2.66m. Staff pay last year included €54,000 paid out in 'special restructuring costs’.
Pay to key management personnel last year remained at €370,000.
Accumulated profits at the company at the end of last year totalled €17.06m.
Reporting by Gordon Deegan
