Facebook’s subsidiary in Ireland made a gross profit of 890 million euros in 2020, compared to 482 million in profits the previous year, according to the results published on Tuesday by the Dublin Business Registration Office.
The report also reveals that Facebook Ireland raised to 1.02 billion euros, from 302.3 million in 2019, the contingency fund created to pay fines from regulatory authorities. The Irish Data Protection Commission (DPC), the main regulator in the field of privacy in the European Union, already imposed a fine of 225 million euros on WhatsApp Ireland this year, and has several investigations underway on other companies of the Facebook group, now renamed Meta.
Facebook Ireland, which has its European base of operations in Dublin, attributed the increase in profits to the growth in revenue from advertising contracted by “third parties”, which raised the turnover to 40.600 million in 2020, 18% more than in 2019. The Irish subsidiary noted that it contributed a € 20 million dividend to parent company Facebook International Operations. Likewise, the report sent by Facebook Ireland confirms that the company paid an additional 35 million euros to deal with “pending tax matters”, bringing its final invoice to 266.3 million euros last year .
“The company expects regulatory issues to be resolved at any time within the next two financial years. However, that moment may be affected by a number of uncertainties, including the time it will take to complete any regulatory decision, as well as any recourse or dispute, “said Facebook Ireland, referring to the DPC inquiries.
The social network, which employs more than 2,000 people in Ireland, added that its “remuneration bill”, which includes salaries, pension costs or shareholder benefits, among others, reached 377 million euros.
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