Revenue and operating profit show positive development for Norwegian dairy group Q-Meieriene.

In its 2024 annual report, the board of Q-Meieriene points to growth in volume and market share within milk, yogurt, and cooking products.

Revenue rose by 9% from NOK 2.29 billion in 2023 to NOK 2.51 billion last year. Operating profit also increased, climbing just over 5% from NOK 67.8 million in 2023 to NOK 71.3 million in 2024, reports the online media outlet Fødevarewatch.

However, the group’s bottom line declined by nearly 23%, from NOK 30.5 million in 2023 to NOK 23.5 million in 2024. The board attributes this to the expansion of the production facility in Klepp, which came online in 2022. The startup phase has been costly, negatively affecting results in both 2023 and 2024.

The Q-Meieriene board says it is satisfied with the company’s progress and how it has handled the challenges that come with its strategy for continued growth:

• The board is pleased with how the company has managed the challenging situation related to stabilizing the new facility, the competitive landscape, and the fight for stable framework conditions, it writes in the 2024 annual report.

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