UPS’s Irish business delivered strong growth last year

The Irish arm of delivery group UPS grew its turnover in the Republic by almost 350 per cent last year to €3.8 million, recently filed accounts show.

However, the entity, which also handles activities in Europe and other locations, saw its headline revenue fall from €56.4 million in 2018 to €56.1 million last year.

United Parcel Service of Ireland Ltd improved its profit in the period by 6.5 per cent to €1.4 million after having witnessed a sharp reduction in the cost of its sales, which declined from more than €32 million in 2018 to €29.7 million last year.

The bulk of the entity’s turnover (€33.6 million) was recorded in Europe, with €3.8 million coming from the Republic and €18.6 million from the “rest of the world”.

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In the Republic, turnover rose almost 3½ times while revenues were down in its other geographies services by the Irish arm.

Supply-chain solutions

In addition to providing delivery services, the company offers supply-chain solutions, freight forwarding, customs brokerage, fulfilment and financial transactions. The Irish entity was established in 1986.

In a directors report accompanying the accounts, the company said the Covid-19 pandemic had “resulted in, and is expected to continue to result in, a substantial curtailment of business activities”.

Nevertheless, the directors “have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future”.

Staff

The company employed 331 staff last year, down from 340 the previous 12 months. Wage and salary costs rose to €11.9 million, up by more than €1 million.

The Dublin-based entity is a wholly-owned subsidiary of UPS Europe SPRL which, in turn, is ultimately controlled by United Parcel Service International Inc, which is headquartered in Georgia in the US and listed on the New York Stock Exchange.

The parent company posted revenue of $74 billion (€64.6 billion) last year with its net income amounting to $4.4 billion.