US taxi firm Uber has promised to meet all the liabilities of its Irish subsidiary for two years as its costs increased to nearly €3m resulting in a loss during 2024, the company’s latest financial statement shows.
There has been ongoing backlash to Uber’s activities in Ireland over the past few months. In December, taxi drivers announced that they were going to hold a series of protests in Dublin over the company’s decision to introduce fixed fares.
However, the protests were suspended pending the outcome of a meeting with the Government over the issue.
In its year-ending 2024 financial statement, Uber Ireland Technologies Ltd — a subsidiary of the US firm Uber Technologies Inc — recorded total turnover of €2,956,819, over double the €1.47m recorded in 2023.
However, the company’s administrative costs also increased significantly over the course of the year.
Throughout 2024, the company incurred operating costs amounting to €2,958,005, up from €1.55m the year prior. As a result, the company posted a total comprehensive loss for the year of €116,581 — up from a loss of €72,784 in 2023.
“The significant risks and uncertainties impacting on the business of the company relate to the impact of acceptance by customers of the Uber group’s products, which is dependent on general market conditions and the positioning of those products and the associated impact on the activities of the company as service provider to group companies,” the company statement said.
The financial statement added that on December 31, 2024, Uber Technologies Ireland received a letter of support from its ultimate parent that confirms it will “provide the company such financial support as is necessary to enable the company to continue as a going concern and to meet all liabilities as they fall due for a period at least 24 months from the date of the letter of support”.
The company described its principal activity as the “provision of support to other related companies in providing on-demand services through mobile devices and web-based requests”.
During 2024, the company said it only had five employees with wages and salary expenses reaching just over €550,000.
Uber also has a separate Irish subsidiary that operates its food delivery service Uber Eats Ireland Ltd.
The delivery company’s turnover for 2024 stood at just €7.166m — down significantly from the near €8.2m recorded in 2023. However, its cost of sales was also down dramatically, dropping by just under €1m to €5m.
All of the cost of sales were attributed to delivery and merchant services. Overall, its total comprehensive income for the year stood at just €21,495 — down €123,663.
The company said in 2024 it had six employees. On December 31, 2024, Uber Eats Ireland Ltd received the same assurances that its parent company would continue to provide financial support over the 24 months so that it can continue operations and meet all liabilities.
