Group revenues at Tirlán increased 5% last year to €2.66bn while the dairy cooperative's EBITDA was stable at €118.5m.
Operating profit at the Avonmore owner also remain consistent year-on-year (€67.m) while net debt declined 11% to €138m, it lowest level in a decade.
The group, formerly known as the Glanbia Co-op, made dividend payments totalling €7.1m, and more than 4,500 farmers shared in €5.9m as part of its 2024 trading bonus scheme.
“2024 was a year of two distinct halves for our Co-op and our Members," said John Murphy, chair of Tirlán.
"We supported our Members financially with a Member Support Package of €30m offered in the face of significant weather challenges in the first half of the year that curtailed milk supply and resulted in the late sowing of crops.
"Dairy markets strengthened as the year progressed, with milk supplies finishing strongly and competitive prices for both milk and grain.
"Over €1.5bn was paid out to farm families for milk and grain, demonstrating the importance of the agriculture sector as an indigenous Irish employer and driver of the rural economy.”
Tirlán processed 3.028bn litres of milk last year, equivalent to a third of the Irish milk pool, as milk supply recovered in the later months of 2024 to finish the year approximately 1% back on 2023 volumes.
Improved markets were reflected in an improved average milk price of 52 cent per litre, including VAT and constituents.
In addition to being the country's largest milk processor, Tirlán was also the largest purchaser and user of Irish grains, with its green grain intake reaching 179,000 tonnes.
Tirlán paid the highest grain price at harvest of €210 per tonne for green feed barley.
Eight carbon reduction projects to minimise heat loss and recovery were completed by the group in 2024, helping to reduce carbon waste by 1,500 tonnes per year.
About 99% of Tirlán milk suppliers are now in receipt of a sustainability action payment, which has helped to reduce on-farm carbon dioxide emissions by 6.8% since 2018.
Tirlán established the collaborative Farming for Water: River Slaney Project this year to drive practical action to enhance water quality on farms.
“This year is vital for the agricultural sector and rural economy with a decision due on Ireland’s retention of the Nitrates Derogation," said Seán Molloy, CEO of Tirlán.
"We need certainty for our farmers and the retention of a fit-for-purpose derogation. In Ireland and in Brussels, Tirlán has continued to highlight the positive actions being taken by our Members to improve water quality."
Additionally, Tirlán now has 11 high-tech dairy and grain processing facilities, and it has introduced new consumer products such as Avonmore High Proteain soups as well as novel flavours of the Avonmore Protein Milk and Whipped Cream ranges.
The Avonmore Professional UHT cream range is growing successfully in Asia, entering seven new markets, and over 40,000 tonnes of continental cheese were produced in 2024 as part of the Kilkenny Cheese joint venture with the Netherlands' Royal A-ware.
Tirlán sold over 377,000 tonnes of ingredients, with increased demand for its new Promiko range, Truly Grass Fed (TGF) whey ingredients range and new pastry butter in high-end bakeries across Europe.
“We have invested in our Co-op over the past decade and our organisation today stands strong, with a robust balance sheet, well-invested high-tech processing facilities, dedicated farm families and a talented workforce," said Molloy.
"To ensure our continued success we prioritise ongoing investment in upskilling, education and embracing new technologies. After completing a significant cost reduction programme to proactively manage the cost base, we remain focused on delivering operational excellence and efficiencies every single day," he continued.
"We are well-positioned and a trusted partner to deliver on the growing demand for dairy and grains around the world.”
Photo: (l-r) Seán Molloy, CEO; John Murphy, chair; Lisa Koep, chief ESG officer, and Michael Horan, chief financial and decretariat officer. (Pic: Dylan Vaughan)
