Dairygold shows operating profit of €26million

Pictured launching the Dairygold annual report at Dairygold’s Castlefarm Dairy Processing Complex in Mitchelstown are Michael Harte, CFO,  Jim Woulfe, CEO and John O’Gorman, chairman. The Society delivered a strong financial performance despite Covid-19 challenges with an operating profit of €26.0 million for the year along with reducing its bank debt by €38.7 million reflecting improved performances by its core Dairy and Agri businesses. Dairygold recorded turnover for the year of €1.017 billion and processed 1.43 billion litres of milk from its members in 2020, an increase of 2.7% on 2019.

With an operating profit of €26 million recorded for 2020, Dairygold Co-Operative Society Limited delivered an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of €53.8million and reduced its net bank debt by €38.7million, reflecting improved performances by its core Dairy and Agri businesses, despite the challenges of the Covid-19 pandemic.

Dairygold Chairman John O’Gorman paid tribute to the Dairygold employees who played a key role in the Society’s performance and success during 2020 ‘for their tremendous efforts during the year’.

“In a year which saw circa 350 people working from home for much of the year due to the pandemic it was both inspiring and uplifting to witness how staff responded, ensuring milk was collected and processed, feed was manufactured, fertiliser delivered, and retail services maintained,” the chairman said.

Over the past decade, €425 million has been invested by Dairygold and its partners across its four processing sites. 2020 saw the completion of three strategically important dairy processing projects in Mogeely, Mitchelstown and Mallow.

These included the infrastructure to support the new Jarlsberg Cheese Manufacturing Complex in Mogeely in partnership with Norwegian dairy co-operative TINE SA; the redevelopment of the Demineralised Whey production facility at the Castlefarm Dairy Complex in Mitchelstown and the establishment of another new milk evaporator and dryer at the Mallow Nutritionals Campus.

Full report in this week’s Print & Digital Edition