Ornua reports increased profit on flat turnover in 2024

Ornua, the country’s largest exporter of dairy products and owner of the Kerrygold brand, reported an 11.8% increase in operating profit for 2024 to €130.5m, not including the value payment of €72.8m to member co-ops.

Turnover for the year was little changed at €3.394bn, with the co-op purchasing 353,000t of Irish dairy products amounting to more than €2bn.

The processor said its key brand, Kerrygold, strengthened its position as Ireland’s most successful food brand, with approximately 12 million retail packs of butter and cheese sold globally every week.

Conor Galvin, who was appointed as CEO of Ornua in May 2024, said that Kerrygold’s “continued growth has been greatly supported by the robust retail sales performance in the United States”.

'Period of uncertainty'

He added that “we are now entering a period of much uncertainty, driven by ongoing global trade tensions. The exact impact of these challenges remains to be seen. However, we are confident in the strength of Irish dairy, which is a unique and sought-after proposition on the world stage.”

Outside the US market, Ornua said Kerrygold ended 2024 as the number two block butter brand and the fastest growing in the category. European retail sales remained healthy despite inflation, with cheese outperforming butter. Own-label products also gained traction.

On the outlook for 2025, Ornua said it remains uncertain, driven by geopolitical and trade tensions. However, it said that the first three months of the year had been “relatively positive” for Irish dairy and the Ornua business.

See this week’s Irish Farmers Journal for full analysis of Ornua’s results and an interview with Galvin and other key executives.