New accounts filed by Mondelez Ireland Ltd show the company’s operating profits surged as revenues rose by 12pc from €282.34m to €317.13m.
In April of last year, globally the price of cocoa peaked and briefly exceeded a record of $12,000 per tonne. By late 2024, prices were around $8,177 per tonne, which was still more than a threefold increase on the 2022 price of $2,300 per tonne.
The Irish unit of Mondelez sells and distributes the likes of Dairy Milk and other confectionery and grocery products in Ireland.
Along with the Cadbury chocolate range, Mondelez’s other brands here include Sour Patch Kids, Toblerone, TUC, Marabou, Mikado and Chips Ahoy.
The directors state: “Market conditions continue to be challenging in all the categories in which we operate: confectionery, cheese, bakery and grocery. Inflationary pressures continue to have an impact on both the business and consumers. Despite this, the business has continued to drive performance by launching new product innovation, building brand awareness through media campaigns, increasingly using new social media platforms and working with customers in building the categories we work in.”
As turnover increased to €317m, they say they gained market share in all confectionary categories and maintained their share in the biscuits category.
“Mondelez in 2024 maintains the number one position in the market for confectionery,” they state.
In an upbeat assessment, the directors state that they “anticipate that the company’s operations will continue to expand its presence in the lrish market with its product portfolio and generate revenue from the exploitation of these products and related service needs”.
No dividend was paid last year after the firm in 2023 paid a dividend of €60m to parent firm, Kraft Foods Schweiz Holding Gmbh.
The Irish unit recorded operating profits of €4.22m and net interest receivable of €2.1m resulted in pre-tax profits of €6.36m which were marginally ahead of pre-tax profits of €6.17m in 2023.
The firm recorded post-tax profits of €5.09m after incurring a corporation tax charge of €1.27m.
Numbers employed in selling and administration increased by one to 79 and staff costs increased from €8.67m to €9.15m. The profits also take account of non-cash amortisation costs of €1.4m.
Shareholder funds at the end of December last totalled €23.6m that included accumulated profits of €13.6m. On the company’s R&D spend, the directors state that Mondelez Europe’s R&D resources are centralised in Munich, Germany, and Bournville, England.
In 2024, global revenues at Mondelez increased marginally to $36bn.
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