Kerry Group experienced good growth in revenue and profits in 2024.
That’s according to its preliminary statement of results for the full year.
Kerry made nearly €8 billion (€7.98 billion) in 2024, slightly down from the previous year, which the company said is mainly due to some business sales and pricing changes.
Kerry Group made €1.25 billion in profits before interest and taxes, up 7.4% from 2023.
Its profit margin also grew with earnings per share at €4.25, which the report claimed was due to better margins and cash generation.
Kerry Group generated €765.6 million in cash, with 95% of its profits turned into cash.
The company’s debt increased slightly to €1.93 billion because of acquisitions and buying back shares.
It highlighted that the dairy consumer products part of the business did well, especially in cheese and snacks.
However, the dairy ingredients part of the business faced some supply challenges, improving as the year went on.
It sold 70% of its Dairy Ireland business to Kerry Co-op at the end of last year.
Kerry Group shareholder also had a good 2024, with €557 million being returned to them in share buy-backs.
The company’s share price went up from €78.66 to €93.25 a share.
Dividends paid to shareholders increased by 10.1%, totalling €1.27 per share.
It its outlook for 2025, Kerry is aiming for more growth in its taste and nutrition business, expecting adjusted earnings per share to grow between 7-11% in 2025, even after the sale of Dairy Ireland.
Among its medium-term goals, it aims to turn 80% or more of its profits into cash while it intends to reach a profit margin of 19-20% by 2028 as part of its long-term goals.
Kerry will also launch a new program called Accelerate 2.0, to make the company more efficient and save €100 million a year by 2028.
Kerry’s AGM will take place on May 1st.
