Farm Ireland

Monday 16 October 2017

Irish Dairy Board reports 87pc hike in profits

Kerrygold is popular in Germany, amongst other countries.
Kerrygold is popular in Germany, amongst other countries.

THE IRISH Dairy Board has reported an 87pc hike in pre-tax profits for last year to €22.8m.

Sales were up 5pc to €2.1bn.

Following a droupght in New Zealand and the longer European winter, a milk scarcity arose and prices were pushed up, especially in the first half of the year, boosted also by growing demand from China.

The IDB said it was "well-positioned for expansion" when milk quotas end next year, with new marketing teams targeting countries like Russia, Saudi Arabia and Africa.

It is also debt free.

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