Arrabawn made profits of nearly €11 million in 2023

Arrabawn Co-op delivered record gross profits in 2023 – up 5.5% from 2022 – according to the latest financial figures released by the business.

Their EBITA (before interest, taxes, depreciation, and amortisation) earnings had a return of €19.1 million for last year – the company credits its ‘record investment’ in the Nenagh processing facility as one of the main factors for the good performance. The strong 2023 performance was also reflected in a record operating profit of €10.77million which was up €1.19m (12.5%) on 2022.

The company balance sheet was also significantly improved, with shareholders’ funds increased by €11.5m – a 51% increase on five years ago.

Net debt, brought about by the investment programme, is now down from a high of €45m in 2019 to €10.3m last year, a decrease of €13.8m on 2022 and now at pre-expansion levels.

The co-op also delivered a strong milk price of 43.77c/l, saying that they supported suppliers in an otherwise challenging year of difficult weather conditions and persistently high input costs.

An exceptional item, not recorded in either EBIDTA or Operating Profit, was the profit of €4.3m from the sale of the liquid business in Kilconnell last year. The company’s Agri Trading Division also continued to grow its customer base across 2023. Arrabawn completed a €3m extension to its Dan O’Connor Feeds mill in Limerick in 2023, while the capital expenditure programme also saw investment in the new entrance at its Nenagh headquarters, including new intake and CIP (Cleaning in Place for trucks) areas as well as water and heat recovery.

Pictured at the launch of the Arrabawn Co-op annual report were: Conor Ryan (Chief Executive Officer); Edward Carr (Chairman) and Micheal O’Kelly (Chief Financial Officer).      

For more, read this week’s Connacht Tribune:

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite HERE.

Get the Connacht Tribune Live app

The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

More like this:

Sign Up To get Weekly Sports UPDATES

Go Up