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Ornua, the State’s largest dairy exporter, has reported record sales and profits for 2020, brushing aside the challenges of Covid, Brexit and US tariffs.
The owner of the Kerrygold label said it benefited from a pick-up in grocery triggered by lockdowns in Europe and the US, which boosted sales of its premium butter and cheese brands.
The company said turnover rose by 1 per cent to €2.34 billion in the 12 months to the end of December while operating profit jumped by 69 per cent to €83 million.
The strong performance came despite the disruption of Covid, the threat of Brexit and the imposition of punitive US tariffs, which are estimated to have cost it €50 million.
Portfolio
“Ornua had a unique performance in a unique year,” chief executive John Jordan said.
The group’s balanced portfolio and geographical spread across 110 markets helped shield it from the instability, he said.
Ornua exports dairy products on behalf of a 33-strong group of co-ops, processors and food firms in Ireland.
Sales of its flagship Kerrygold brand grew by 13 per cent in 2020, it said, with over 10 million packets of butter and cheese sold a week, or 520 million in total.
In the US, Kerrygold butter - pitched as a high-end dairy product - is now the number two butter brand with a 10 per cent market share.
The strength of US sales has helped Kerrygold eclipse €1 billion in sales, making it Ireland’s first billion euro food brand.
In the UK, Ornua’s Pilgrims Choice cheese brand outperformed the cheddar category with 29 per cent growth year-on-year, securing its position as the number two cheddar brand in the UK market.
Ornua said its ingredients division delivered positive year-on-year growth “despite being particularly exposed to the impact of largescale and prolonged restaurant closures globally.”
Resilient
It said dairy markets proved resilient throughout the pandemic, aided by retail sales and strong demand for milk powders from China, Southeast Asia, and Africa.
Ornua said it delivered a 54 per cent year-on-year increase in the brand premium and bonuses paid to co-op members with a record €68.7 million.
“Looking ahead, we are cautiously optimistic about the gradual re-opening of economies as the global vaccine rollout gathers pace; we have clarity on Brexit, and we welcome strong signals from the US on improved US/EU trade relations,” Mr Jordan said.
“ This, coupled with Ornua’s clear and ambitious new five-year strategy focussed on driving profitable growth in priority global markets, will ensure we continue to deliver value for the 14,000 Irish farming families we represent,” he said.