Oracle’s Irish unit funds billion-euro payment to US tech group

A dividend from tech giant Oracle’s Irish operation was used to make a payment of around $1.1 billion (€1 billion) to the US-headquartered group in January, according to accounts held in Dublin.

Accounts from Oracle EMEA, the company’s Dublin-registered European hub, show that a dividend of almost €1.4 billion was paid on Jan. 12 to Oracle EMEA Holdings, also registered in Ireland. Other holding entity accounts show that on the same day the $1.1 billion was then sent overseas to the group as an intra-company “loan repayment”.

Oracle’s Dublin operation recorded revenue of 8.3 billion euros last year, up nearly 8%. Its pre-tax profit increased by 38% to almost 240 million euros. The tax charge she paid in Ireland nearly doubled to €62.5 million. The Dublin unit has also invested 40 million euros in research and development, according to the financial statements.

Oracle’s accounts also suggest it made a major real estate deal in recent weeks. A note to the accounts says she concluded a contract in March to buy a property worth 16.5 million euros. It does not specify whether the property to be acquired is located in Ireland. The Dublin unit is based in the East Point office park in Fairview, just north of Dublin city centre.

The Irish unit employed an average of just over 1,150 people last year, down 200 from the previous year. Last year, Oracle announced a major cost reduction and redundancy campaign, and it was confirmed at the time that the Irish unit would be affected.

Oracle, which was co-founded by its executive chairman, Larry Ellison, has expanded its cloud business in recent years from its core business as a database provider to a large cloud-focused technology group. Its Irish unit is mainly engaged in sales and marketing, while the Irish registered holding also has its business units in many other countries in the region.

Previous Local woman traumatized after morning assault on walk
Next Irish farmer in Ukraine says country is in 'perfect storm'