Irish-registered Uber subsidiary records turnover of €937,000

Uber Ireland Technologies Limited, an Irish subsidiary of the San Francisco-headquartered “ride-hailing” company, recorded turnover of about €937,000 in 2020, accounts filed to the Companies Office show.

All of the company’s turnover, which increased 21 per cent from €773,000 in the previous year, is described as deriving from “service fees in respect of providing marketing and support services to other group companies”.

The company, which has a registered office in Limerick, employs six people.

It incurred operating expenses of about €864,000 in 2020, with its profit for the year coming in just below €92,000. The costs related to the provision of services to another company in the group. No dividend was paid to its parent company.

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Uber does not operate in the Irish market in the same way that it does in other countries. It is not permitted by law to link passengers with private car owners through its app.

Although passengers can book licensed taxis and limos through Uber, in practice licensed taxi drivers are more likely to offer their services through other apps such as FreeNow or existing taxi companies.

In a note accompanying the accounts, the company said it had received a letter of support on December 31st, 2021, from its ultimate parent, Uber Technologies, 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 this date.

The directors said they considered it appropriate to continue to use the going concern assumption on the basis that the company will have sufficient resources to enable it to meet its liabilities.