Kerrygold owner see profits fall 17% after "challenging" year

In 2022, the State’s largest dairy exporter saw milk prices increase 40% year-on-year, but this growth was offset by input costs which rose “rapidly”.

The Kerrygold brand reached its 60th year in 2022. It maintained volume sales growth globally, with over 11m packets of butter and cheese sold globally each week.

Kerrygold parent company Ornua posted a drop in operating profit after “a uniquely challenging year”, but also recorded a jump in turnover following price increases in response to inflation.

In its annual results the dairy giant recorded a 17% decline in operating profits in 2022, which fell to around €154m. However, its turnover surged to a record €3.4bn, up 36.7% on the previous year.