Turnover up 36.7% in a uniquely challenging year

Date: 26.04.2023Source: Ornua

Ornua, Ireland’s largest exporter of Irish dairy products, today published its operating and financial results for the 12 months ending 31 December 2022 with Group Turnover reaching a record €3.4 billion. Exporting to over 110 countries, Ornua is the proud owner of the iconic Kerrygold brand which celebrates 60 years and today sells over 11 million packets of butter and cheese each week.

2022 Operational Highlights

  • Robust trading performance with record Group Turnover of €3.4 billion, up 7%
  • Kerrygold marked 60 years with over 11 million packets of butter and cheese sold globally each week
  • Ornua delivered a brand premium and bonuses paid to Member Co-operatives with a historically high €72.5 million Ornua Value Payment
  • €2.3 billion Irish dairy products purchased (387,000MT) providing security and strong returns for its Member Co-operatives and 14,000 Irish dairy farming families
  • €555.0 million in working capital facilities provided to Member Co-operatives
  • Expansion of Kerrygold Park which will see the production volume double at the facility, responding to growing demand in global markets
  • 16,500 containers of Irish dairy ingredients sold and shipped globally

Said John Jordan, CEO, Ornua: “Ornua continued to build on its strong and consistent growth trajectory, delivering a robust performance in what was a uniquely challenging year with factors such as rising inflation impacting the entire supply chain. The company responded to these shifting market dynamics by remaining focused on our strategy and committed in our efforts to deliver for customers, consumers and our Member Co-operatives. This is reflected in the exceptional sales performance, underpinned by the hard work and commitment of our 3,000-strong global team.

The Kerrygold brand reached a significant milestone, celebrating six decades since the brand’s launch in 1962, by achieving continued volume growth globally. The brand’s success is testament to the generations of Irish dairy farming families who produce the best quality milk, our Member Co-operatives, who operate well-invested, world-class manufacturing facilities, and the teams, spanning 60 years, who proudly bring the taste of Kerrygold to the world.

We are very optimistic for the future of our brands and our business, supported by a newly-remodelled five-year strategy, focused on addressing emerging challenges and opportunities to drive sustainable growth in key markets, ensuring we continue to deliver value for our Member Co-operatives and the 14,000 Irish dairy farming families we represent.”

Group Turnover was up 36.7% to a record €3.4 billion, a robust and resilient performance in a complex and challenging global trading environment. Group EBITDA and Operating Profit, pre Ornua Value Payment, were €157.0 million and €127.2 million respectively, as Ornua sought to balance high product prices, which were paid to its Member Co-operatives, while also maintaining and growing market share.

As a co-operative whose purpose is to create value for its Members and the 14,000 Irish farming families they represent, Ornua prioritised strong returns throughout the year, reflected in an Ornua Value Payment of €72.5 million which is made up of monthly and year-end cash bonuses and the premium paid on purchases from Members. This is in addition to the strong product prices paid over 387,000MT of premium Irish dairy product purchased in the year, valued at €2.3 billion. For the full report visit ornua.com


David Cox / IDM

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