US software giant Oracle has recorded pre-tax profits of more than €700m at its key Irish unit after a near-50% increase in pre-tax profits. The increase in profits came after turnover rose significantly from €3.2bn to €3.74bn, only €80m of which was earned in Ireland, with the remainder coming from the rest of Europe.

Shareholders funds almost doubled from €384m to €756m during the financial year and the company paid tax of more than €86m, up from €77m the previous year.

Oracle EMEA also paid a dividend of €250m during the year which meant retained profits for the year ended 31 May 2008 stood at more than €390m.

Oracle makes its money from software licensing, support, outsourcing and other contracts.

It employed an average of 843 people and paid its employees nearly €59.7m in wages and salaries, social-welfare costs and pension costs – an average of nearly €71,000 per employee, making it one of the best-paying companies in the state.

At the end of May 2008 the company received grants of just under €8.5m from the IDA, "principally in respect of the creation of certain full-time employment positions".