Move FM Global News

DUBLIN, Ireland: The soaring price of cocoa beans last year had little impact on earnings at Cadbury owner Mondelez, whose Irish unit saw operating profits jump by 56 percent to 4.2 million euros.

Newly filed accounts for Mondelez Ireland Ltd show that revenues rose 12 percent, from 282.3 million euros to 317.1 million euros, helping drive the profit surge.

Globally, cocoa prices reached historic highs in 2024. In April, prices briefly exceeded US$12,000 per tonne, before easing to around $8,177 by the end of the year—still more than triple the $2,300 per tonne average recorded in 2022.

Mondelez Ireland sells and distributes popular products such as Cadbury Dairy Milk, Sour Patch Kids, Toblerone, TUC, Mikado, and Chips Ahoy across the country.

Company directors acknowledged that “market conditions continue to be challenging” across confectionery, cheese, bakery, and grocery categories, with ongoing “inflationary pressures” affecting both businesses and consumers.

Despite these headwinds, Mondelez said it continued to perform strongly by introducing new products, expanding media and social media campaigns, and working closely with retailers to grow key categories. As a result, turnover rose to 317 million euros.

The company said it gained market share in all confectionery segments and maintained its share in biscuits, keeping its position as Ireland’s number one confectionery brand.

The directors expressed optimism about continued growth in the Irish market through product innovation and brand expansion. Mondelez also said it has “strong plans to continue serving customers and consumers moving forward.”

No dividend was paid in 2024, following a 60 million-euro payment to parent company Kraft Foods Schweiz Holding GmbH the previous year.

The Irish unit recorded pre-tax profits of 6.36 million euros, slightly higher than 6.17 million euros in 2023, including 2.1 million euros in net interest income. After a 1.27 million-euro tax charge, post-tax profit came to 5.09 million euros.

Sales and administration staff rose slightly to 79, while personnel costs increased from 8.67 million euros to 9.15 million euros. Results also reflected 1.4 million euros in non-cash amortization costs.

At year-end, shareholder funds totaled 23.6 million euros, including 13.6 million euros in retained profits.

Mondelez Europe GmbH handles the company’s research and development activities, with R&D centers in Munich, Germany, and Bournville, England. New product ideas are shared across units for local evaluation and rollout.

Globally, Mondelez International reported $36 billion in revenue for 2024, with pre-tax profits rising to $6.2 billion.