Consumer trends and lower Irish milk prices increase the result of the Norwegian TINE Group in the second four-month period of 2024 (May-August), with sales revenues of NOK 9.5 billion – an increase of 3.5 percent compared to the second four-month period of 2023.
TINE SA writes in a press release that company growth is primarily driven by a generally favourable price trend and increased demand for flavoured milk and protein-rich dairy and cooking products. Sales growth relative to the Norwegian part of the company, TINE SA, increased by 6.2 percent in the second four-month period compared to the same period last year.
– Although sales of drinking milk have been on the decline for many years, the growth in protein-rich dairy products, flavoured milk, and yoghurt indicates that consumers have great confidence in the quality of Norwegian dairy products – and Norwegian milk. Consumer habits are changing – and we need to constantly change in step with the consumer – and preferably be trendsetters ourselves, Ann-Beth Freuchen, CEO of TINE, states in the press release.
Lower Irish milk prices
Sales revenue of TINE International was 7.8 percent lower in the second four-month period of 2024 compared to the same period last year. Adjusted for currency, sales were down by 9 percent. Lower sales volumes in the US and the UK are offset somewhat by higher volumes and prices in Sweden. Total sales of Jarlsberg in the fourth four-month period are on a par with last year. However, lower Irish milk prices in May and June strengthened the operating profit of the international business, whereas the positive effect diminished in the latter part of the four-month period.
– We must continue to strengthen Jarlsberg’s position in a competitive market in the US. In the future, we must strengthen the branding, and we have clear ambitions to see the results of this work over the coming years. Otherwise, it is gratifying to see that the market in our international vicinity, such as Sweden, is developing positively. Norvegia is now available in 20 percent of the grocery stores in Sweden, and the presence continues to grow. However, it will take a long time – and requires systematic work over several years – to achieve good positions in new markets, Freuchen underscores. See the press release HERE
