Profits doubled at west Cork-based yoghurt maker Glenilen Farm to €930,826 last year in a record year for the business.
Accounts show that post-tax profits at Glenilen Farm Ltd increased by 98.5 per cent from €468,974 in 2023 to €930,826 last year as revenues increased by 10 per cent to a record €12 million.
It is now 25 years since Alan and Valerie Kingston started trading at Skibbereen Farmers’ Market and today their Glenilen Farm business located in Drimoleague, west Cork employs 80 people and also supports the incomes of several nearby dairy farmers who provide milk for 20 million yoghurt units each year.
At the end of December last, the firm had accumulated profits of €3.17 million.
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Commenting on the 2024 performance, co-founder, Alan Kingston said on Monday that “it has been a very successful year and a record year for the brand”.
He said that “at last we are starting to see some return for the years of significant spend in research, development, and technology”.
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Mr Kingston said that the profits for 2024 come against the background of a three-year €5 million investment in the company with the help of Enterprise Ireland and Bank of Ireland.
He said that the investment, which is to be completed in 2026, “is to support sustainable growth, keeping Glenilen Farm at the sharp edge of innovative dairy manufacturing, all the while keeping to our founding principles of wholesome nutritious local food”.
Mr Kingston said that milk prices in 2024 were up 5 per cent on 2023.
“It rose as the year progressed, forcing us as a business to look at each of our lines and activities and make cuts where necessary. This made the business more efficient and focused us on our key important lines.”
Exports in 2024 accounted for 10 per cent of revenues and the company started exporting to Dubai this year, he said.
The profit last year takes account of net non-cash depreciation costs of €225,727.
Mr Kingston said that “ours is a competitive and challenging market, despite significant surges in costs and food inflation, we absorbed these increases and managed to hold our prices, adopting increased efficiency and higher output”.
Valerie Kingston said: “We anticipate continued strong growth, focusing on our core and most popular ranges – kids and natural yoghurt – alongside the launch of more exciting new product developments coming soon.”
