Ornua saw profits drop 17.2% last year to €127.2m, despite a surge in turnover of more than €900m to €3.4bn.

CEO John Jordan described 2022 as a "uniquely challenging" year, with inflation a key issue throughout the business.

Looking ahead, the co-op said there are persistent challenges around inflation as well as supply chain issues, geopolitical uncertainty and possible market disruptions from climate change factors.

During the year, Ornua purchased €2.3bn in Irish dairy products. The company reported global demand for dairy products dipped 1% in the year.

Currently milk supply remains ahead of demand, but markets are likely to stabilise in the coming months, the company added.


In its 60th year, the Kerrygold brand maintained volumes globally, with 11m packets of butter and cheese sold each week.

Late last year, the Ornua board of directors approved a new five-year strategic plan for the business, "Path to Prosper", which is the company's management template to 2027, focused on continued sustainable growth.