Kerry Group said its after tax profits fell to €606.5m from €763m in 2021 after it reported a non-trading charge of €124.2m mainly due to the suspension of its operations in Russia and Belarus in April after Russia invaded Ukraine in February.
Kerry's reported revenues for the year rose by 19.3% to €8.8 billion on the back of volume growth of 6.1%.
Kerry said this suspension was managed in an orderly manner, during which it continued to pay employees, and a decision was made to classify these businesses as"held for sale" during the first half of the year. Kerry said its group EBITDA increased by 12.9% to €1.2 billion, while its constant currency adjusted earnings per share increased by 7.3% to 440.6 cent.
Together with the interim dividend of 31.4 cent per share, this brings the total dividend for the year to 104.8 cent, an increase of 10.1% on 2021, it said. Edmond Scanlon, Kerry's CEO, said the company achieved record organic revenue growth against the backdrop of an exceptionally dynamic operating environment as it marked its 50th year of operations.
"While recognising the current market uncertainty, we believe we are strongly positioned to continue to grow our business through this period. In 2023, we expect to achieve 3% to 7% adjusted earnings per share growth on a constant currency basis, before the dilution from the potential sale of the Sweet Ingredients Portfolio," he added.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia jails journalist for 6 years over post about UkraineA Russian court has sentenced a journalist to six years in prison for comments critical of Moscow’s offensive in Ukraine, officials said, as part of an ongoing crackdown on dissent
Read more »
Seán O’Shea hoping to return to Kerry side for Mayo clash on SaturdayO’Shea confirms that David Clifford has returned to training with Kerry after All-Ireland junior club title run with Fossa
Read more »
Seán O’Shea raring to get going as anticipation builds in Kerry for another big yearForward hoping to return to Kerry side for Saturday’s league clash against Mayo
Read more »
400,000 tune in to Late Late Valentines special but it didn't escape complaintsMaura Higgins, Kerry Katona and Alison Spittle joined the line-up
Read more »
US urges allies to arm Ukraine for ‘crucial’ spring offensive against Russian invasion forceKremlin lambasts ‘hostile’ Nato as heavy fighting continues in Donetsk and Luhansk regions
Read more »
'This is the real Ballyfermot': Local community group forms to show solidarity after protestsBallyfermot Cherry Orchard For All is the latest community group to form in the wake of anti-refugee protests held throughout the capital in recent months.
Read more »