Northern Ireland dairy co-operative Dale Farm said its net profit before tax for last year rose by 11% to £29.8m, from £26.8m the previous year - its third successive year of increased profits.
The co-operative's EBITDA (earnings before interest, tax, depreciation and amortisation) also increased, rising to £44.9m from £43m in 2022.
With group turnover of £631.4m for the past financial year, Dale Farm has improved its turnover to profit ratio.
Dale Farm, which is owned by over 1,300 dairy farmers who supply the co-operative with milk, in May announced an investment of £70m in its cheddar processing facility at Dunmanbridge, Co Tyrone.
This marked one of the largest investments of its kind by a Northern Ireland agri-food company.
Dale Farm said that despite the dairy market experiencing volatility last year and as inflation continued to affect input costs for producers, it paid a competitive milk price, with the average price paid totalling 35.2 pence per litre in 2023/2024.
Nick Whelan, Dale Farm's group chief executive, said that every decision Dale Farm takes as a co-operative is about ensuring the profitability and sustainability of its members' farm businesses.
"Through strategic investment we are delivering growth while paying a competitive milk price to the 1,300 farmers who own the business and supply us with healthy, nutritious, quality milk," he said.
"Our ambition is to lead the sector, not just in Northern Ireland but across Europe. Our £70m investment in our cheddar processing facility at Dunmanbridge will ensure we remain at the cutting edge of innovation and build on our reputation for quality, consistency and sustainability," he added.
Fred Allen, Chairman of Dale Farm, said it is more important than ever that we continue to invest in those parts of the business that deliver the highest returns for our farmers.
"The profitability of the co-operative and continued investment is key to securing farm businesses for future generations," he added.
