Pre-tax profits at the main Irish subsidiary of iPhone maker Apple last year increased by 2.5% to $71.07 billion (€65.87 billion).
The pre-tax profits recorded by the Cork based Apple Operations International Ltd and subsidiaries equate to daily pre-tax profits of $211.25m for the 12 months to September 30, 2023.
The business recorded the increase in pre-tax profit as revenues dipped by $3.8 billion from $222.75 billion to $218.89 billion for the 12 month period.
AOI is registered at the company's Holyhill campus in Cork and covers most of Apple's non-US subsidiaries. While the Irish based group recorded the post tax profits of $62.28 billion, the company's post profits totalled $38.6 billion.
The company acts as a holding company for a number of Apple subsidiaries. It manufactures and develops everything from the company's iPhone and iPad products to Mac computers.
The group has international operations with sales outside Ireland representing a majority of the group's net sales.
The new consolidated accounts show that the business last year paid dividends of $92.2 billion to Apple Inc, which was up sharply on the dividends of $20.1 billion the prior year. The accounts state that the dividends are fully subject to US tax.
The firm paid corporation tax of $7.87 billion.
The accounts do not disclose corporate tax paid in Ireland but state that a 12.5% corporate tax charge would have resulted in corporation taxes of $8.88 billion.
The filing does not say where the tax was paid but the greatest share is likely to have been paid here, where the company is based.
The accounts refer to the Apple and Irish Government's successful appeals against the European Commission decision seven years ago that the iPhone maker owed Revenue €13.1 billion in back taxes, plus interest of €1.2 billion.
In July 2020, Europe's second highest court ruled that the Government did not give Apple any State Aid and the accounts refer to the European Commission appealing that decision to the European Court of Justice.
A note attached to the accounts states that Apple may request approval from the Irish Minister for Finance "to reduce the recovery amount for certain taxes paid to other countries".
The note states that as of September 30 last, the adjusted recovery amount was €12.7 billion, excluding interest.
The €12.7 billion plus interest is funded into escrow where it will remain restricted from general use pending the conclusion of all legal proceedings.
Numbers employed at AOI and subsidiaries last year totalled 56,922 - Some 6,000 of those employees are based in Ireland.
Staff costs totalled $6.72 billion and that included share-based compensation of $1.69 billion.
The company’s cost of sales last year totalled $120.4 billion, resulting in a gross profit of $98.4 billion.
The group’s Research and Development costs last year totalled $17.4 billion.
AOI’s shareholder funds at the end of September last amounted to $65.99 billion.
The group’s cash funds increased marginally to $17.99 billion.
Reporting by Gordon Deegan
