Malting Company of Ireland returns a profit in 2015

Malting Company of Ireland, the 50:50 joint venture between Dairygold and Glanbia, returned a profit in 2015.

Malting Company of Ireland recorded operating profits of just under €440,000, a marked improvement on the €2.35m loss recorded the previous year.

The company reported net profits of €354,819, which increased accumulated shareholder funds to €6.4m. No turnover or sales figures are reported for the financial year.

Industry sources suggest Malting Company of Ireland uses about 50,000t of malting barley every year to supply malt to customers such as Diageo, Irish distillers and craft brewers.

The Irish Agricultural Wholesale Society (IAWS) also previously held a stake in the company until Glanbia and Dairygold came together in 2012 to buy out its stake.

In 2015, Malting Company of Ireland purchased grain and other services valued at €3.3m from Dairygold and €3m from Glanbia.

The company then turns this barley into a range of malt products for supply to the brewing and distilling sectors.