Pretax profits at the main Irish unit of online accommodation rental service, Airbnb last year more than doubled to $168.92 million (€146 million).
Accounts filed by the Dublin based Airbnb Ireland UC show that profits increased as revenues rose by 14.5 per cent from $5.1 billion to $5.85 billion.
The 14.5 per cent increase in revenues in 2024 followed revenues rising by 22 per cent in 2023.
The pretax profits of $168.92 million last year are a 125 per cent increase on the pretax profits of $75.05 million in 2023.
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The unit generates substantially all of its revenues from facilitating guest stays at accommodations offered by hosts on Airbnb’s online marketplace for users outside of the United States.
The $5.85 billion in revenues at the Dublin based unit represent 53 per cent of Airbnb’s global revenues of $11.1 billion in 2024.
Numbers employed at the Irish unit last year decreased from 391 to 388 as wages and salaries along with shared based payments totalled $61.69 million showing that average pay for 2024 was $158,994.
Pay to directors last year dipped from $1.67m to $1.6m made up of emoluments of $765,000, $809,000 under long-term incentive schemes and pension contributions of $29,000.
The firm’s operating profits increased by 27 per cent from $118.75m to $151.14 million and this included other operating income of $52.64 million in 2024 compared to other operating expense of $50.44 million in 2023.
Pretax profits were boosted by $17.78 million in interest payments after the group paid out $43.69 million in interest payments in 2023.
In 2023, Airbnb set aside $1 billion to deal with tax investigations across the countries the company and its subsidiaries operate in.
The Irish unit owns Airbnb’s Italian subsidiary and a note attached to the accounts stated that in January 2025, Airbnb Ireland made a settlement with the Italian tax authorities totalling €179 million ($186 million) concerning the 2023 audit period.
This followed Airbnb Ireland in December 2024 reaching a €139 million ($150 million) settlement with the Italian authorities concerning the 2022 audit period.
In December 2023, Airbnb Ireland UC made a $621 million (€576 million) tax settlement concerning a 2017/2021 audit by the Italian tax authorities over the firm’s obligations to withhold and remit host income tax, including tax, interest and penalties.
The total settlements made come to $957 million.
In 2024, Airbnb Ireland started withholding likely tax liabilities on host payments related to Italian listings
The group last year recorded post tax profits of $110.7 million after incurring corporation tax charge of $58.2 million.
Shareholder funds at the end of December 2024 totalled $163.89 million.
