Kerry Dairy Ireland posts higher profits, revenue in FY24

IRELAND – Kerry Dairy Ireland recorded improved financial performance in FY24, according to preliminary results released by Kerry Group on February 18, 2025. 

The division, now majority-owned by Kerry Co-Operative Creameries Limited, was listed under discontinued operations in the accounts and posted higher net profits, EBITDA, and revenue. 

Net profits rose to €734 million, up from €728 million in 2023, while EBITDA increased to €63 million compared to €53 million the previous year. 

The division also reported a revenue increase to €1.3 billion, with volumes up 1.6%.

Adjusted earnings before tax reached €39 million, up from €31 million in 2023, and after-tax adjusted earnings rose to €33 million from €26 million.

The company reported that the division’s performance was driven by growth and mix development, along with a recovery in ingredients. 

Strongest growth was observed in snacking and branded cheese within the Consumer Products category, while ingredients volumes were impacted by overall supply conditions that improved throughout the year. 

A spokesperson for Kerry Dairy Ireland said, “We have seen steady improvements across our portfolio, and the resilience of our product categories has contributed to the strong financial results.”

Kerry Group’s continuing operations posted a decline in net profits, reporting €673 million compared to €701 million in 2023. 

Revenue remained flat at €6.9 billion, while after-tax earnings increased to €776 million from €737 million. 

EBITDA reached €1.18 billion, up from €1.11 billion, with an improved EBITDA margin of 17.1% compared to 15.9% the previous year. Inclusive of the dairy business, the company’s total net profits increased to €734 million from €728 million in 2023.

Taste & Nutrition, a key division within Kerry Group, recorded a volume growth of 3.4%, led by demand for snacks, beverages, and bakery products. 

However, pricing declined by 2.1% due to easing input cost deflation. EBITDA for the segment reached €1.25 billion, marking a 5.9% increase, with margin expansion attributed to cost efficiency measures and portfolio developments. 

The company noted that its Taste & Nutrition segment outperformed the broader food and beverage market, with foodservice showing a 6.8% increase in volumes supported by new menu innovations and seasonal products. 

Retail contributed 1.8% growth, particularly in the Americas and the APMEA region.

Emerging markets reported a 6.5% volume increase, with notable growth in the Middle East, Africa, Latin America, and Southeast Asia. 

Growth in supplements within the Pharma & Other EUM category was partially offset by softer volumes in cell nutrition. 

A senior executive at Kerry Group stated, “Our ability to adapt to market dynamics and leverage opportunities in foodservice and emerging markets has positioned us for continued success.”