Ornua results up as Kerrygold records global sales of €900m
Ornua has delivered earnings before interest, taxation, depreciation, and amortization of €43.1m for 2016, up 18pc on the previous year.
Ireland’s largest exporter of primary Irish dairy products saw turnover increase 9pc in 2016 to €1.7bn.
The result includes investment in new and existing facilities, a €6m increase in brand and market development, and what Ornua described as “the delivery of strong product prices to members.”
Kerrygold sales in particular were very strong, recording global retail sales of €900m in 2016, driven by a 20pc volume growth in the US and the successful launch of Kerrygold yogurts in Germany which had over 10 million pots sold in the first six months of 2016.
The group said that the aim was that the Kerrygold brand would become a billion euro global dairy brand in the coming years.
“Excellent performances in established markets such as Germany and the US were accompanied by continued expansion in our developing markets of Africa, China and the Middle East,” Kevin Lane ceo of Ornua said.
Speaking on Newstalk this morning Lane commented that Ornua’s milk suppliers were increasing their output which, he said, is why Ornua needed to increase sales in their current markets and develop new markets to allow for “sustained and continued growth.”