Dairygold announces €17.5m operating profit
Dairygold, Ireland’s largest farmer owned dairy Co-Operative, has recorded operating profits of €17.5m for 2016.
Turnover at the Co-OP during 2016 was €756.1m, down almost 4pc on 2015, delivering earnings before interest, taxation, depreciation, and amortisation of €39.0m.
During the year the Co-Op strengthened its track record in building strong commercial partnerships with global food companies with the announcement of the planned development of the new Jarlsberg cheese production facility in partnership with Norway’s largest dairy processor Tine SA.
This will quadruple the current Jarlsberg cheese production in Mogeely.
“Our commercial partnerships with global food companies have been an avenue to significant value add for the business. We will continue to seek out strategic partnerships with leading global organisations that can leverage our best in class processing facilities to deliver more value added production for the business,” Dairygold chief executive, Jim Woulfe said.
However Mr Woulfe issued a warning about Brexit, saying that it will have “a profound impact on the Irish dairy and food industry regardless of how ‘soft’ or ‘hard’ it may be”.
“Together with other cheese producers in the dairy industry and with Government involvement we need collectively to address Brexit challenges for Ireland’s cheese exports of which 60pc of Irish product is sold into the UK. We must continue to pursue strategies to diversify markets and to continue to add value to our dairy output, to minimise the impact of Brexit,” he said.