Kerrygold owner Ornua has reported revenue of nearly €3.4 billion for last year while warning of a “potential shock” to the global trading system from US tariffs.
The State’s largest dairy exporter said the results reflected “a strong trading performance amid volatile conditions driven by the impact of cost inflation and a pressurised milk supply”.
Chief executive Conor Galvin, however, warned that the group was “now entering a period of much uncertainty driven by ongoing global trade tensions”.
With big sales in the US and Europe, Ornua is highly exposed to the current tariff turmoil. The last time US president Donald Trump imposed tariffs on EU food products in 2019, it cost Ornua more than $50 million a year.
The group’s latest full-year results show its operating profit rose by almost 12 per cent to €130.5 million in 2024 despite what it described as “difficult market conditions” with milk volumes pressurised and adverse weather conditions taking their toll.
Nonetheless Ornua said Kerrygold “strengthened its position as Ireland’s most successful food brand” with approximately 12 million retail packs of Kerrygold butter and cheese sold globally every week.
“The brand’s continued growth has been greatly supported by the robust retail sales performance in the United States,” Mr Galvin said.
“Following a complex year, we are now entering a period of much uncertainty driven by ongoing global trade tensions,” he said.
“The exact impact of these challenges remains to be seen, however, we are confident in the strength of Irish dairy which is a unique and sought-after proposition on the world stage,” Mr Galvin said.
Ornua is owned by eight of the country’s leading co-ops; Glanbia Ireland, Aurivo, Carberry, Lakelands, Arrabawn, Dairygold, Tipperary Co-op, North Cork Co-op. These eight groups sell about €1 billion worth of butter, cheese and milk powders to Ornua each year, much of which is sold under the Kerrygold label, though it has been manufacturing its own butter at a new high-tech plant in Mitchelstown, Co Cork – Kerrygold Park – since 2016.
In its results, the group noted that 2025 marked 10 years since Ornua’s rebrand from the Irish Dairy Board, a move which coincided with the lifting of EU milk quotas.
“In that 10-year period, the global retail sales value of Kerrygold has more than doubled, supported by investment in the brand, its portfolio, and production capacity,” it said.
“While the outlook for the months ahead is uncertain, driven by ongoing geopolitical and trade tensions, the first quarter of 2025 has been relatively positive for Irish dairy and the Ornua business,” it said.
