Ornua operating profit up 69% – robust performance despite Covid-19

Date: 21.04.2021Source: Ornua

Ornua, one of Ireland’s leading dairy companies, today published its operating and financial results for the twelve months ending 26th December 2020 with Group turnover reaching €2.3 billion. Group EBITDA grew by 49.6% to €107.4 million, driving a robust 69.2% increase in Operating Profit to €83.1 million.  This performance was achieved against the backdrop of a complex trading environment dominated by Covid-19, market volatility, and the macro-economic challenges of Brexit and punitive US tariffs.

The company exports to over 110 countries and is the proud owner of the iconic €1 billion Kerrygold brand which experienced 13% volume growth in 2020, selling over 10 million packets of butter and cheese a week.

Said John Jordan, CEO: “Ornua had a unique performance in a unique year, and we are pleased to report a record profit with Operating Profit of +69%. The strong fundamentals of our business – great people and great products – came to the fore allowing us to maximise the opportunity presented with the change in consumer behaviour, doubling down on driving profitable value growth against the backdrop of the global pandemic.  This performance delivers on our commitment to maximise returns to our member co-operatives and the 14,000 farmers who supply them. 

“Ornua’s 60 years of experience navigating global trade stood to us in 2020, as did our balanced product portfolio, geographical spread across 110 markets, and strong financial foundations. Our branded and own-label portfolio benefitted from the change in consumer behaviour which saw Kerrygold volumes grow by 13%, which coupled with our Ingredient’s business delivering positive year-on-year growth, enabled us to pay €68.7million to our Member co-ops through the Ornua Value Payment.

“Looking ahead, we are cautiously optimistic about the gradual re-opening of economies as the global vaccine rollout gathers pace; we have clarity on Brexit, and we welcome strong signals from the US on improved US/EU trade relations. This, coupled with Ornua’s clear and ambitious new 5-year strategy focussed on driving profitable growth in priority global markets, will ensure we continue to deliver value for the 14,000 Irish farming families we represent.”  For more visit Ornua.com

David Cox / IDM

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