Total group normalised earnings before interest and taxes (EBIT) was $991 million, up $39 million or 4% on the prior year. Last year the co-operative made a net profit of $599m.
Chief executive Miles Hurrell says despite the challenges, including increased costs associated with supply chain volatility, 2021-22 was a good year for the co-op.
“These results demonstrate that our decisions relating to product mix, market diversification, quality products and resilient supply chain, mean the co-op is able to deliver both a strong milk price and robust financial performance in a tough global operating environment.”
The co-operative also announced a final farmgate milk price of $9.30/kgMS for last season.
With a total dividend of 20c/share to fully shared-up farmers, the final cash payout for farmers is $9.50/kgMS.
Hurrell says the co-op is pleased to be able to pay a total dividend of 20c/share for farmer owners and unit holders.
“And this year’s higher Farmgate Milk Price is the strongest it has ever been, which is great news for our farmers. New Zealand also benefits from this, with $13.7 billion returned into the economy in milk price payments alone this year.
“Importantly, one year on, the co-op is making tangible progress against our strategy: namely to focus on New Zealand milk, be a leader in sustainability and a leader in dairy innovation and science.”
