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Kerry Group Pretax Profit Rose; Plans Further Share Buyback

By Najat Kantouar


Kerry Group reported a higher pretax profit for 2023 despite lower revenue, and said it plans a further share-buyback program this year once the existing one finishes.

The Ireland-based food company said Thursday that pretax profit was 822.6 million euros ($882.5 million) compared with EUR699.0 million for the prior year.

Earnings before interest, taxes, depreciation and amortization were EUR1.165 billion compared with EUR1.22 billion, while its Ebitda margin increased 60 basis points to 14.5%, the company said.

Group revenue fell to EUR8.02 billion from EUR8.77 billion due to a challenging environment.

Taste and nutrition volumes increased 1.1% and outperformed markets, the company said. Europe volumes rose 2.9% led by a strong performance in the foodservice channel, while volumes in North America were affected by stocking dynamics and softer market conditions, the company said.

Dairy Ireland performance decreased 6.5% due to challenging market conditions across the year, Kerry Group added.

The board declared a final dividend of 80.8 European cents a share, an increase of 10% on 2022.

"During the year, we continued to invest capital and develop our business aligned to our strategic priorities. This progress builds on our significant recent strategic portfolio developments and geographical expansion, strongly positioning Kerry for market outperformance and good margin progression in the coming years," Chief Executive Officer Edmond Scanlon said.

The company plans to provide further information on the new share buyback once the existing EUR300 million one completes.


Write to Najat Kantouar at


(END) Dow Jones Newswires

February 15, 2024 03:40 ET (08:40 GMT)

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