The Norwegian dairy cooperative TINE Group has reported a strong annual performance and will return over 1.4 billion kroner (NOK) to its cooperative members.

TINE Group’s operating profit reached 2.084 billion NOK, marking an increase of 658 million NOK from 2023. This improvement is partly due to reduced one-time restructuring costs and write-downs compared to the previous year, according to a company press release.

Total sales revenue rose to 28.3 billion NOK, reflecting a 6.7% increase from 2023. This growth was driven by higher sales volumes, strong demand for protein-enriched products from TINE SA, and lower milk prices in Ireland.

• The results we present today demonstrate our success in building strong brands and developing products that align with dietary trends and consumer needs. Innovation is a key driver at TINE, and it delivers results—last year, we launched seven of the ten best-selling new products in our categories. At the same time, we have implemented significant cost improvements and efficiency measures that strengthen our competitiveness. We are also seeing positive developments across the group, with growth in our Norwegian subsidiaries contributing to overall value creation. This success is a testament to the dedication of our employees and cooperative members, says CEO Ann-Beth Freuchen.

Revenue from Norwegian subsidiaries grew by 5% to 3.6 billion NOK, while international sales remained steady at 4.7 billion NOK, in line with 2023 levels. As part of its cooperative model, TINE distributes a portion of its profits annually to its 7,776 milk-producing members across Norway. This year’s profit distribution, pending approval at TINE’s annual meeting, amounts to 104.17 Norwegian øre per liter of milk.

Read the full press release from TINE HERE

Photo: TINE