Dairygold delivered an annual turnover of €1.02 billion last year with the co-operative's 2,750 milk suppliers expanding milk production by 50 million litres.
The operating profit for the year was €35.8 million, an increase of €6.8 million (24%) on the 2018 operating profit of €29 million.
However, Dairygold said the rapidly evolving Covid-19 pandemic has the potential to have a significant negative impact on the business, operationally, commercially and financially.
The company said it is clear that EU support measures for the Irish dairy industry are needed.
With peak COVID-19 impact likely to coincide with peak milk processing, Dairygold said it is working with the other dairy processors to identify all options for co-operation and pooling of
The record 1.39 billion litres of milk supplied to the society last year represents a 65% increase since the abolition of dairy quotas in 2014.
Jim Woulfe, CEO of Dairygold, said: “Dairygold delivered a strong financial result in 2019, supported by robust performances across our Dairy and Agribusinesses and favourable property transactions. A decade of capital investment has now delivered significantly increased processing capacity and a more efficient dairy processing capability.”