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HomeTop Business NewsEir's Profits Soar: €4m Boost After Price Hikes

Eir’s Profits Soar: €4m Boost After Price Hikes


Eir, the telecommunications company, has reported a €4 million increase in earnings in its latest quarterly financial update. This growth follows a series of price increases implemented in April. Eir announced earlier this year that it would raise the monthly prices of its services annually in order to offset rising inflation costs. The annual increase is determined by the Consumer Price Index from the previous January, plus an additional 3%. This year, prices rose by 8%, resulting in a minimum increase of €5.21 per month for standard broadband and phone plans, and €2.40 for standalone mobile bill pay plans.

In the financial update for the months of April to June, Eir revealed that its revenue had increased by €22 million, or 7%, reaching €318 million. Earnings before deductions also rose by €4 million, or 3%, to €145 million. Operating costs experienced a 2% increase, reaching €99 million. The company’s cash balance stood at €212 million.

Stephen Tighe, the chief financial officer of Eir, expressed satisfaction with the company’s performance, stating that it aligned with expectations. Tighe highlighted the growth in the eir fibre broadband base and the total number of mobile customers, including the eir post-pay mobile base. He also emphasized the continuation of the company’s €1 billion capital investment program, which includes the rollout of fibre-to-the-home (FTTH) and 5G technologies. Tighe confirmed that both the fibre rollout and 5G networks were expanding rapidly.

Oliver Loomes, the chief executive of Eir, provided an update on the company’s fibre to the home rollout, confirming that it remains on track to deliver high-speed broadband to 1.9 million premises or 84% of homes and businesses in Ireland by 2026. Loomes also highlighted the significant decrease in complaints to the communications regulator since the last quarterly report. Fixed line complaints dropped by 28%, while mobile complaints decreased by 20%.

Eir currently has 925,000 broadband customers, a 1% decrease compared to the same period last year. However, the total number of eir fibre customers increased by 2% year-on-year, reaching 852,000. The company’s mobile customer base grew by 107,000, resulting in a total of nearly 1.37 million mobile customers. Additionally, Eir TV now has 91,000 customers, an increase of 11,000 compared to the previous year.

Thomas Lyons
Thomas Lyons
Thomas, the founder and chief editor at Top Rated, harbours a deep-seated passion for business, news, and product reviews. His thirst for knowledge and experience has led him on a journey across the length and breadth of the country, enabling him to garner a wealth of insight. At TopRated.ie, his sole aim is to deliver meticulously researched news and provide impartial reviews of fact checked Irish companies, thus helping readers make well-informed decisions.


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