Lakeland Dairies are reporting €1.9 billion revenues, with operating profit of €32.5 million for 2022.
The dairy co-operative based in Cavan operates across sixteen counties in both the Republic and Northern Ireland.
The revenues increased by 45% to €1.9bn across its four operating divisions of Food Ingredients, Foodservice, Consumer Foods and Agribusiness, up by €590m on the prior year figure of €1.3bn.
Lakeland has reported an operating profit of €32.5m which was up by €4.3m on the previous year.
During the year it distributed €1.1bn in payments to milk supplying farms across the region, and in the North.
The co-op closed the year with a strong balance sheet including Shareholders' Funds of €273m.
Food Ingredient revenues increased by 43% to €1.19bn, based on a very strong performance, where Lakeland processed extra milk volumes while meeting consistently high demand across its dairy food ingredients portfolio.
Foodservice revenues increased by 39% to €310.9m, up by €87m on the prior year figure of €223.9m.
The report says that Consumer Foods experienced a 60% uplift in revenue to €272.9m, up by €102.7m on the prior year figure.
Lakeland Agri increased revenues by 45% to €125.3m based on a combination of strong operational performance and solid demand.
Chief Executive, Colin Kelly said that these positive results are based on a strong, progressive and resilient performance, underpinned by the overall quality of the co-ops milk producers, people and operations, notwithstanding a deeply competitive and uncertain global market environment.
