Record year for Ornua with operating profit up 1.3%
Dairy co-operative marks 60 years in business with strong performances from Kerrygold and Ornua Ingredients
8 June 2022 | 0
Ornua, Ireland’s largest exporter of Irish dairy products, has published its operating and financial results for the twelve months ending 26 December 2021.
Group turnover was up 6.9% to €2.5 billion, while Kerrygold volume growth was up 12%, with over 11 million packets of butter and cheese sold globally each week.
Group EBITDA* and operating profit* were up 0.7% and 1.3% respectively.
The group provided strong returns for Irish dairy farmers across 389,000MT of Irish product purchased, delivering an additional €78 million ‘Ornua Value Payment’ to member suppliers, up 13.5% year-on-year.
Meanwhile, Ornua Ingredients doubled its footprint in the US market with the acquisition of Whitehall Specialties Inc, unlocking significant growth capacity.
Approval was also granted for a €40 million expansion of Kerrygold Park to meet the growing global demand for Kerrygold. What’s more, bank facilities totalling €580 million were successfully refinanced until 2026, supporting Irish dairy industry growth.
Ornua has also launched an ambitious five-year CSR and Sustainability strategy incorporating environmental, animal welfare, and community targets.
“Ornua maintained a strong, stable, and sustainable performance year-on-year, as we marked our 60th year in business,” said John Jordan, CEO, Ornua.
“Despite persistent challenges, we are pleased to report a 6.9% increase in turnover and a 1.3% increase in operating profit* for 2021,” he added. “This performance delivers on our commitment to maximise returns to our member co-operatives and the 14,000 farmers who supply them, with a 13.5% increase in our Ornua Value Payment in the year.
“It was another record year for Kerrygold, with volume growth up 12% on 2020,” he continued. “Kerrygold continues to be the fastest selling brand on supermarket shelves in Germany and is the number two butter brand in the US; a market serving 330 million consumers.
“Our Ingredients business also performed strongly as we completed the acquisition of US cheese ingredients business Whitehall Specialities Inc. The addition of these four facilities across Wisconsin and Pennsylvania unlocks substantial growth in both the US and in other markets as we enhance our innovation and manufacturing capabilities, as well as adding 450 new skilled professionals to our workforce.”