Carbery Group reports 32% jump in profit thanks to improved dairy market
Pretax profit rose almost 32 per cent to €21 million at dairy group Carbery last year as improved dairy market conditions bolstered the group's performance.
Revenue at the Cork-based producer of Dubliner Cheese and Carbery Cracker cheddar, rebounded to €668 million in 2024 following a significant contraction in the dairy market in 2023 in which revenue for Carbery Group had dropped by nearly €85 million to €616.1 million.
After challenging climatic conditions at the start of 2024, the dairy group's chairman warned that 'milder, but longer and wetter winters and springs may be the norm', noting that the company would have to factor these changes in climate into its future planning.
The Ballineen-headquartered dairy and ingredients group said operating profit before interest, tax and other items rose by 20 per cent to €30.5 million, though still shy of the company's performance in 2021 and 2022.
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Carbery group earnings before interest, taxes, depreciation and amortisation (Ebitda) rose by 12 per cent to €52 million, from €46.4 million in 2023.
Cumulative capital expenditure reached €155.1 million last year with the company allocating €8.6 million to its stability fund, which is designed to protect against future volatility in the dairy industry.
Chief executive Jason Hawkins said the group's 'commitment to progress' on its sustainability targets was of the 'highest importance' last year.
'We made progress on the emissions front, with a decrease of 3.09 per cent in our Scope 1 and 2 emissions from 2023,' he said, referring to measures of direct and indirect emissions as defined in the Greenhouse Gas Protocol.
Mr Hawkins also said there had been a reduction in carbon emissions of 1.56 per cent among the group's farmers.
'They deserve the highest praise here for continuing to prioritise sustainable actions on their farms, while balancing weather challenges, input costs, quality standards and regulation,' he said.
Vincent O'Donovan, who took over as Carbery chairman in June, acknowledged the 'immense effort' the group's farmer shareholders made during the year. A total of €12.2 million has been paid to farmers under the FutureProof sustainability bonus scheme since 2022.
'The start of the year was a difficult one for farmers, with an extreme and prolonged period of wet weather extending well into April, leaving many farmers unable to put cows out or grow significant grass,' he said, noting that the group's board increased the milk payout in March by five cents a litre to offset the additional costs borne by their farmers.
Carbery Group said it paid its second highest average milk price on record to its farmers. Those bad weather at the start of the year saw overall milk supply fall 2 per cent over the 12-month period.
Cheese production reached 61,000 metric tonnes, 14,000 of which was mozzarella with the remaining 47,000 tonnes being cheddar and Dubliner.
The group said mozzarella sales 'exceeded our expectations' last year as a result of an increased level of demand in Irish retail.
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