The co-op’s figures were down slightly on 2014, when profits were at €2.175m and revenues were at €190,875. The co-op says it passed on the savings it made from savings to its 1,800 shareholders and 400 milk suppliers, to whom they also paid a competitive price for their supply.
Co-op chairman Richard Donovan said: “I’m pleased with our product and market development in cheese and whey. The collapse in global dairy markets has been lessened for Tipperary Co-op by increased efficiency gained by processing an increased volume of milk.”
Tipperary’s production volume rose 16% from its own milk suppliers with total whole-milk production volume up 24% during 2015.
Citing strong retail sales, including in its French subsidiary Tippagral, the co-op anticipates further export growth. “We’ve seen unprecedented investment in recent years, which continued in 2015,” said Ted O’Connor, general manager.
“This was focused on processing facilities, business efficiency improvement, marketing and product portfolio development. Extending the business overseas has served to continue the exceptional performance of the subsidiary companies.
“Capital investment has proven critical, as it has increased our wider market presence to achieve maximum returns.”
Mr O’Connor praised Ornua, Ireland’s dairy board, on its marketing and development. He also said the the importance of long-term contracts to the Tipperary Co-op business cannot be underestimated.