Ornua reported a surge in revenues to €3.4bn amid rampant price inflation
Ornua chief executive John Jordan the Kerrygold maker's “exceptional sales performance” in 2022. Photograph: Marc O’SullivanOrnua, the State’s largest dairy exporter, reported a decline in operating profit last year despite a significant surge in the Kerrygold maker’s revenues linked to inflation and an increase in sales.
Group turnover at the co-operative ballooned to a record €3.4 billion last year, an increase of 36.7 per cent from €2.5 billion in 2022 as it carved out a bigger slice of the market for itself in 2022, selling more than 11 million packets of butter and cheese globally each week. But Ornua’s operating profits fell by 17.2 per cent from €153.7 million in 2022 to €127.2 million in what it described as an “extraordinary year” for the dairy industry. The company said that milk price growth of 40 per cent in the year had been offset by “rapidly” rising input costs, “including fuel, feed, and fertiliser, impacting at farm level”, while global demand for milk also declined by around 1 per cent.
Earnings before interest and taxes at Ornua also slipped in 2022, falling 11.5 per cent to €157 million.
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