The main Irish subsidiary of Cadbury owner Mondelez grew profits threefold last year to almost €25 million, its latest accounts filed with the Companies Registration Office show.
Mondelez Ireland Production made €24.9 million, which was up from €6.8 million the year before. Cost of sales at the group were cut from €91.9 million to €77.3 million.
Revenue decreased from €94.9 million to €82.2 million during the year as the group manufactured less volume as market demand reduced in line with “expected price elasticities”.
At the year end, the company had net assets of €284.1 million, which was up from €238.1 million.
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During the year, the company received a dividend of €20 million from Kraft Foods Ireland Intellectual Property, which is a wholly owned subsidiary of Mondelez Ireland Production, which in turn paid a €20 million dividend to Cadbury Schweppes Ireland, the company’s immediate parent company.
The average number of employees was came down from 512 to 501, while staff costs increased from €42.6 million to €43.6 million.
Cadbury built its first Irish factory at Ossory Road, Dublin, in 1933. Kraft Foods acquired Cadbury in 2010, and two years later spun-off its North American grocery division, including Cadbury, and renamed it Mondelez.
Separately, Mondelez Ireland Limited, the other Modelez unit in Ireland increased profits from €4.7 million to €5.1 million, while turnover increased from €282.3 million to €317.1 million.
The enjoyed 12.3 per cent growth in sales, although this was down from 23.1 per cent the year before. Its margins were cut from 8.9 per cent to 8.6 per cent. At the year end, the company had net assets of €23.6 million, which were up from €18.5 million.
No dividend was paid during the year, as against a dividend of €60 million that was paid to the company’s shareholder Kraft Foods Schweiz Holding in 2023.
The company said market conditions “continue to be challenging” in all the categories in which it operates: confectionery, cheese, bakery and grocery. “Inflationary pressures continue to have an impact on both the business and consumers,” it said.
The group gained market share in all confectionary categories during the year and maintained its share in the biscuits category.
The directors said they anticipate the company’s operations will continue to expand its presence in the Irish market with its product portfolio.
The average number of employees during the year was down one to 79, while the company spent €9.1 million on staff, up from €8.7 million.
