Savencia: 1st quarter 2024 revenue was up 1.6% compared to 2023
Source: The DairyNews
As of March 31, 2024, Savencia Fromage & Dairy Group reported a 1.6% increase in revenue compared to the same period in 2023. While organic growth remained neutral, favorable contributions from Cheese Products were offset by a decline in Other Dairy Products.
The 3.9% structural effect is mainly related to the incorporation of Williner as of April 2023. The currency effect was unfavorable at -2.4% due to the devaluation of the Argentine peso and the Chinese yuan.
Cheese Products sales posted solid organic growth of +2.5%. This growth was driven by positive volume dynamics, particularly in Europe, and the effect of the price increases implemented in a context of inflation and continued high milk prices in the main markets.
On a like-for-like basis and exchange rates, sales of Other Dairy Products were down -2.1%. After a performance of +23.2% in Q1 2023, this decline is mainly linked to the reduction in worldwide prices of industrial products and to the decrease in volume of commodities.
The outlook for 2024 remains marked by a volatile and uncertain environment:
- The continued evolution of consumption patterns in a context where purchasing power remains constrained,
- Geopolitical and economic tensions leading to a slowdown in the growth of global economies.
In this context, the Savencia Fromage & Dairy Group continues its efforts to adapt and invest by developing the complementarity of its various businesses and by leveraging the trust it has built up with its stakeholders: milk producers, distributors, and consumers.
The Group is also pursuing all its initiatives to conserve the environment, including actions to reduce water and energy consumption and actions to reduce CO2 emissions, confirming its ambitions for 2030, the trajectory which was validated in March 2023 by the "Science Based Target initiative" (SBTi).
Cheese Products sales posted solid organic growth of +2.5%. This growth was driven by positive volume dynamics, particularly in Europe, and the effect of the price increases implemented in a context of inflation and continued high milk prices in the main markets.
On a like-for-like basis and exchange rates, sales of Other Dairy Products were down -2.1%. After a performance of +23.2% in Q1 2023, this decline is mainly linked to the reduction in worldwide prices of industrial products and to the decrease in volume of commodities.
The outlook for 2024 remains marked by a volatile and uncertain environment:
- The continued evolution of consumption patterns in a context where purchasing power remains constrained,
- Geopolitical and economic tensions leading to a slowdown in the growth of global economies.
In this context, the Savencia Fromage & Dairy Group continues its efforts to adapt and invest by developing the complementarity of its various businesses and by leveraging the trust it has built up with its stakeholders: milk producers, distributors, and consumers.
The Group is also pursuing all its initiatives to conserve the environment, including actions to reduce water and energy consumption and actions to reduce CO2 emissions, confirming its ambitions for 2030, the trajectory which was validated in March 2023 by the "Science Based Target initiative" (SBTi).
23.09.2024
Carbon emissions in global milk production - the elephant in the room
I have been thinking to make this post yes/ no. I decided for yes and like to ask everyone to not "shoot the messenger". The chart shows an analysis of IFCN Dairy Research Network from the 2024 supporter conference in Poland.
