DUBLIN, Ireland: Mastercard's primary Irish subsidiary reported a sharp jump in profits last year, with pre-tax earnings rising by 36 percent to 75.86 million euros. The figures come from newly filed accounts for Mastercard Ireland Ltd, which show strong revenue growth and higher staffing levels during 2024.

Revenues climbed by 24 percent, moving from 664.59 million euros in 2023 to 821.49 million euros in the year ending December. The increase in turnover was mainly driven by a rise in services provided to other companies within the Mastercard group, according to directors.

After a corporation tax charge of 11.65 million euros, the company recorded a post-tax profit of 64.2 million euros. This compares with a pre-tax profit of 55.64 million euros in 2023.

The Dublin-based subsidiary plays a key role in Mastercard's global operations, focusing on research and development of payment software and technology. The company has signaled plans to continue expanding its operations in Ireland in the years ahead.

Employment grew strongly in 2024. Total staff numbers increased by 178 to 1,589, up from 1,411 the previous year. Most of these jobs were in research and development, where headcount rose from 1,199 to 1,351. Administrative staff also increased from 212 to 238. The higher workforce pushed staff costs from 174.35 million euros to 202.89 million euros. Salaries made up 162.3 million euros of this, while share option expenses amounted to 8.77 million euros.

The company rewarded shareholders with a dividend of 135 million euros, significantly higher than the 40 million euros distributed in 2023. Directors' pay remained steady at 1.7 million euros, although gains from exercising share options rose from 420,452 to 2.05 million euros.

The accounts also show that profits were shaped by 16.8 million euros in non-cash depreciation costs and 2.36 million euros in foreign exchange losses. At the end of December 2024, shareholder funds stood at 121.15 million euros, including accumulated profits of 88.67 million euros. However, cash reserves fell sharply during the year, from 157.07 million euros to 33.26 million euros.

Globally, Mastercard Inc. also enjoyed a profitable year. Group revenues increased from US$25.09 billion to $28.16 billion, while pre-tax profits rose 12 percent from $13.63 billion to $15.15 billion.

Company directors in Ireland said they are closely monitoring global risks, including trade tensions, U.S. tariffs, and wider geopolitical uncertainties. While they do not expect any significant impact on the Irish business at present, they said strategies are being developed to respond to changing market conditions.