Dairygold has reported a record turnover of €1.17 billion for last year, up 15% on 2020.
The dairy and agribusiness co-operative had an operating profit of €30.4 million, an increase of €4.4 million.
Dairygold said the results reflect a "robust" performance across all areas of the business, despite the ongoing challenges of the pandemic.
EBITDA (earnings before interest, tax, depreciation and amortisation) was €57.6 million, an increase of €3.8 million, reflecting the increased level of profitability in the core business.
The company said it had reduced its bank debt by €11.0 million to €108.2 million.
At the end of 2021, the net asset value of the company stood at €422.2 million, an increase of €34.5 million on 2020.
Conor Galvin, Dairygold Chief Executive said the Dairygold business is in a good financial and operational position.
"Following a decade of significant capital investment, the business has a strong EBITDA, manageable debt and a successful model for Member Funding," he said in a statement.
"Our focus has shifted from milk expansion to creating more value per litre of milk," he added.
Mr Galvin said they are current conducting a business wide strategy review, which is expected to be completed at the end of this month.
"This strategy will provide an updated roadmap for the business for the next five to ten years, as we seek to continue to maximise returns for our members, through higher margin activities while also clearly focusing on meeting our crucial greenhouse gas reduction targets," he said.
