Significant improvement in Norrmejerier’s results compared to 2022

Norrmejerier’s annual financial report shows a significant improvement in results and a positive annual result for 2023 of over SEK15 million. The result represents an improvement of 39 million kronor compared to the previous year.

According to a press release from Norrmejerier, the positive figures are a result of Norrmejerier implementing several cost-saving measures and strategic initiatives aimed at strengthening long-term financial stability, competitive milk prices, and contributing to the company’s sustainability goals.

– It has been a year marked by uncertainty, but thanks to our ability to quickly adapt to the current market situation and focus on streamlining our operations, we have managed to improve our results and defend our market position, says Gerhard Bley, CEO of Norrmejerier.

Linked to the challenging market conditions, Norrmejerier has implemented several measures, including the decision to initiate the closure of the Luleå dairy and a comprehensive cost-saving program equivalent to 85 million kronor over three years. These measures are aimed at optimizing operations and improving economic efficiency over time.

In 2023, the board decided on a revised strategic platform and identified three main strategic areas: Profitable growth through strong brands, streamlining production and logistics, and optimizing raw material flows. The priorities are intended to enable achieving the goal of a higher and competitive milk price for the owners while simultaneously achieving an operating margin of two percent of turnover.

Norrmejerier 2023 (figures in parentheses refer to 2022)

  • Result after financial items: +15 million kronor (-24 million kronor)
  • Turnover: SEK 2,246 million (SEK 2,076 million)
  • Actual compensation for milk raw material, including proposed profit sharing: SEK 4.76/kg (SEK 4.72/kg) Weighing: 196 million kilograms (198 million kilograms)
  • Number of active dairy farmers in December 2023: 275

Read the full press release HERE