Mastercard Ireland Reports 36% Profit Surge, Expands Workforce

Mastercard Ireland Ltd, the main subsidiary of the global payments giant, reported a significant increase in profits for the year ending December 2024. Pre-tax earnings reached 75.86 million euros, reflecting a remarkable 36 percent rise compared to the previous year. Newly filed accounts reveal that revenue surged by 24 percent, climbing from 664.59 million euros in 2023 to 821.49 million euros.

The surge in revenue was primarily attributed to a substantial increase in services provided to other companies within the Mastercard group. After accounting for a corporation tax charge of 11.65 million euros, the post-tax profit amounted to 64.2 million euros, compared to 55.64 million euros in 2023.

Expansion and Workforce Growth

Mastercard Ireland plays a crucial role in the company’s global operations, particularly focusing on the research and development of payment software and technology. The subsidiary has plans to continue expanding its operations in Ireland, with employment figures reflecting this growth.

Staff numbers rose by 178 to reach 1,589, up from 1,411 the previous year. The majority of new jobs were created in research and development, where the workforce increased from 1,199 to 1,351. Administrative roles also saw an uptick, rising from 212 to 238. Consequently, total staff costs increased from 174.35 million euros to 202.89 million euros, with salaries accounting for 162.3 million euros and share option expenses totaling 8.77 million euros.

In a display of confidence, Mastercard Ireland rewarded its shareholders with dividends of 135 million euros, a significant increase from 40 million euros distributed in 2023. Directors’ pay remained stable at 1.7 million euros, though benefits from exercising share options rose sharply from 420,452 euros to 2.05 million euros.

Financial Overview and Future Outlook

The financial accounts also revealed that profits were influenced by 16.8 million euros in non-cash depreciation costs and 2.36 million euros in foreign exchange losses. By the end of December 2024, shareholder funds reached 121.15 million euros, which included accumulated profits of 88.67 million euros. However, cash reserves experienced a sharp decline, dropping from 157.07 million euros to 33.26 million euros during the year.

On a global scale, Mastercard Inc. also reported strong financial performance. Group revenues increased from US$25.09 billion to $28.16 billion, while pre-tax profits rose by 12 percent, climbing from $13.63 billion to $15.15 billion.

Directors in Ireland are actively monitoring global risks such as trade tensions, U.S. tariffs, and broader geopolitical uncertainties. Although they currently do not anticipate significant impacts on the Irish business, they are developing strategies to adapt to changing market conditions.