Kerry Dairy Ireland Achieves Financial Growth in FY24 Amid Co-op Ownership

Ireland 24.02.2025

Source: dairynews.today

Kerry Dairy Ireland, now majority-owned by the Kerry Co-Operative Creameries Limited, has shown improved financial results for FY24.

Kerry Dairy Ireland, which is currently majority-owned by the farmer co-operative Kerry Co-Operative Creameries Limited, reported an enhanced financial performance for FY24, as disclosed in Kerry's preliminary results on Tuesday, February 18, 2025.

In its accounts, the division is listed under discontinued operations and has achieved €734 million in net profits, showing an increase from €728 million in 2023. EBITDA rose to €63 million from €53 million, alongside a margin expansion of 4.8%. Revenue grew to €1.3 billion, with volumes increasing by 1.6%.

Adjusted earnings before tax reached €39 million, increasing from €31 million in 2023, while after-tax adjusted earnings climbed to €33 million from €26 million. The consumer division's favorable performance was driven by growth and mix development paired with a recovery in ingredients. Notably, snacking and branded cheese were the key growth drivers within Consumer Products.

Kerry's ongoing operations reported a drop in net profits to €673 million from €701 million in 2023, while revenue remained steady at €6.9 billion. After-tax earnings improved to €776 million from €737 million, and an EBITDA of €1.18 billion was recorded, up from €1.11 billion with an impressive EBITDA margin increase from 15.9% to 17.1%.

Overall, net profits including the dairy business increased to €734 million in 2024 from €728 million the previous year. Volume growth in Taste & Nutrition reached 3.4%, led by sectors such as snacks, beverages, and bakery, although pricing saw a decline of 2.1% due to easing input cost deflation.

Kerry's Taste & Nutrition segment significantly outperformed the food and beverage end markets, seeing a 6.8% volume growth in foodservice, bolstered by new menu innovations and seasonal offerings, with retail contributing 1.8% growth, bolstered by robust performance in the Americas and APMEA.

Elsewhere, emerging market business volumes increased by 6.5%, with significant expansion across the Middle East, Africa, LATAM, and Southeast Asia. In the Pharma & Other EUM category, supplements experienced growth, partially offset by softer volumes in cell nutrition.