Irish dairy firm Ornua has reported a 36.7% year-on-year increase in turnover to €3.4 billion in its financial year 2022.
Group EBITDA and operating profit (pre Ornua value payment) amounted to €157.0 million and €127.2 million, respectively, as the dairy firm balanced high product prices, which were paid to its member co-operatives, while also maintaining and growing market share.
The Ornua value payment for member co-operatives for the period was €72.5 million.
Irish dairy products from Ornua worth €2.3 billion (387,000 metric tonnes) were sold during the financial year.
'A Uniquely Challenging Year'
John Jordan, CEO of Ornua said, "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.
"Ornua 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 marked 60 years in business in 2022, with over 11 million packets of butter and cheese sold globally per week.
Kerrygold launched 16 new Kerrygold products and product extensions in markets such as Germany, the US, and the Middle East.
Jordan stated, "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."
Ornua expects market disruptions due to rising input costs, inflationary pressures, supply chain issues, and macroeconomic factors such as geopolitical uncertainty and climate change.
The company said it was 'well-positioned' to continue to meet the needs of its customers, colleagues, and communities worldwide.
Going forward, Ornua will be guided by a new five-year strategic plan - Path to Prosper – up to 2027.
Jordan added, "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."
Read More: Dairygold Sees Turnover Up 40.9% In FY 2022
© 2023 European Supermarket Magazine – your source for the latest fresh-produce news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.