Dairygold has announced an operating profit of €32.4m (2016: €17.5 million) generated from a turnover of €965.5 million (up 28% on prior year) as it published its annual results for the year ended 31 December 2017.
Dairygold recorded a turnover of €965.5 million (2016: €756.1 million), delivering an EBITDA of €52.8 million (2016: €39.0 million).
At year-end, the net asset value of the business was €335.5 million (2016: €307.5 million), while net bank debt was reduced by 10% to €79.6 million, a prudent level given the scale of the organisation and levels of profitability.
Dairygold continued its capital programme during the year, investing a further €13.4million in the business, bringing the total investment over the past five years to €162.1 million.
Commenting on the 2017 results, Jim Woulfe, CEO of Dairygold, said:
Dairygold Chairman John O’Gorman said: “I’m pleased to see that our Members continued to fulfil their on-farm ambition encouraged by improved dairy market returns while the Society continued to evolve and strengthen its position.
"2017 was a milestone year for Dairygold with a record volume of milk supplies. We achieved a key goal to ensure all milk supplied this year is from SDAS (Sustainable Dairy Assurance Scheme) farms and we also celebrated the official opening of our Nutritionals Campus in Mallow.”