Dairygold Co-operative Society announced an operating profit of €37.1m on a turnover of €1.4bn for 2024, up from €23.9m and €1.39bn respectively in 2023.

The co-op processed 1.38bn litres of milk during the year, a 2.1% drop from 2023.

Dairygold described 2024 as being a year of two halves, with a challenging start for milk supply driven by a late spring and poor summer weather which impacted grass growth, giving way to a significant improvement in autumn with milder weather, an extended growing season and stronger dairy market returns.

The co-op said lower milk supply and reduced demineralised whey returns due to market conditions impacted Dairygold’s milk price position.

The co-op said that its new casein plant was fully commissioned in early 2025, an investment which it said secures the future of its highest returning product, rennet casein.

The society’s year-end net bank debt was €157.3m, an increase of €12.9m. EBITDA (earnings before interest, taxation, depreciation and amortisation) increased to €65.4m, giving a net bank debt to EBITDA ratio of 2.4:1.

Dairygold said that its investment in Vita Actives is delivering on its financial targets and that the company relocated to a larger premises in Tallaght during the year.

Dairygold chief executive Michael Harte said: “Strong performances across all our businesses, despite the challenges experienced in the early part of the year, helped Dairygold deliver a positive financial result for 2024. The outcome further strengthens the Society’s balance sheet and gives us the flexibility to continue to invest in higher margin activities.”

Dairygold chairperson Pat Clancy said: “The slowdown in milk production expansion has highlighted the importance of our milk pool, to the overall performance of the business. At a political and regulatory level, we have prioritised the retention of the nitrates derogation, to ensure the retention of current milk volumes, while at farm level, following our 2024 Milk Census we will also prioritise measures to address on farm succession planning, generation renewal and economic viability.”

See full analysis of Dairygold’s 2024 results and an interview with the CEO and chair in this week’s Irish Farmers Journal.