The Irish Times TOP 1000 is the definitive database of Ireland’s leading companies. CRH took the top spot, with Medtronic coming in a close second.
CRH had a global turnover of €27 billion, in addition to a massive €700 jump in profits.
Medtronic’s global turnover was €26 billion in the year to April 2017. Other high performers include Google, which moved up to third place; Microsoft came fourth; and Oracle jumped two places to edge into the Top 10.
Medtronic is Ireland’s most profitable company. Medtronic added almost €300 million to its profits in 2017. However, the company generates the majority of its profits from its global business.
Irish companies with impressive profits include Smurfit Kappa with €654 million, the Kerry Group at €611 million and €314 million for Kingspan.
Ireland’s top companies increased their net profits to €34 billion since 2016. That is up from €28 billion in 2016 and €22.4 billion in 2015.
However, the true amount is likely to be higher. Global behemoths such as Apple, Penneys, IBM and Intel do not report financial figures for their Irish operations. As a result, the profit figure is likely to be considerably higher.
Medtronic is Ireland’s most profitable company as well as our biggest taxpayer. The company has a tax bill of €518 million for 2017 – about 13 percent.
TOP 1000 winner CRH paid an effective rate of 27 percent tax. The company racked up a bill of €471 million last year.
Smurfit Kappa pays one of the highest tax rates at 30 percent. Their tax bill was €196 million of tax on earnings of €654 million.
The tax rate can change, paying tax at a higher rate in one year, and a lower rate the next. As a result, companies do not always pay the corporate tax rate of 12.5 percent.
There is good and bad news for people who are in professional jobs, or looking for one. The latest Morgan McKinley Ireland Employment monitor shows that professional job vacancies increased 15 percent in May 2017.
However, there was also an increase in the number of people seeking new professional roles. This figure was up by 16 percent compared to May.
The Morgan McKinley monitor tracks the number of new job vacancies and new candidates in Ireland each month.
The monitor also found that a number of financial services companies are not ready to commit to large recruitment plans, despite Brexit. As a result, they are filling positions as demand increases instead of pre-emptively hiring in large numbers.
There is strong demand for recently qualified accountants and tax consultants. In addition, Morgan McKinley posits that increased merger and acquisition activity is likely as accountancy firms scale to capture more market share.
Ireland’s ICT sector remains strong. There is high demand for both permanent and contract candidates. Furthermore, Brexit has resulted in a steady influx of candidates in the contract ICT sector. These candidates are moving from the UK to Ireland in search of more market certainty.
The inaugural Jobs Expo Galway took place in February 2017 and was a fantastic success. Companies taking part included those in financial services, such as MetLife and Acorn Life in addition to STEM employers including Boston Scientific, Alere, Creganna Medical and BD. Other local and multinationals companies recruiting at the event included LotusWorks, Transitions Optical, SmartBear, MathWorks, PhoneWatch and Trinzo.
The Jobs Expo Galway event takes place on Saturday 16 September at the Galway Bay Hotel. Details of companies exhibiting as well as recruiting at the event will be released in the coming months.