Significant increase in operating profit from 47 million to 301 million euros due to improvements in volume mix, less expensive inventories, smaller differences between commodity dairy prices and the guaranteed price, and cost savings.
Cost savings of 152 million euros in first half of 2024 as a result of successful implementation of Expedition 2030 strategy.
Net result increased to 183 million euros compared to 8 million euros in first half 2023.
Solid performance of value-added products. However, revenue decreased by 6.7 percent to 6.4 billion euros, mainly due to the lower milk price and currency translation effects. Before currency translation effects, the decline was 2.9 percent.
Healthy operating cash flow of 397 million euros compared to 90 million in first half 2023.
Pro forma milk price decreased by 3.1 percent compared to the first half of 2023 due to lower guaranteed price, partly offset by higher premiums for sustainability performances.
Good foundation laid for 2024 supplementary cash payment; no interim payment to member dairy farmers due to global dairy market volatility and economic uncertainties.

Jan Derck van Karnebeek,
CEO Royal FrieslandCampina N.V.:

“In the first half of 2024, we have worked hard on improving our results on the basis of the Expedition 2030 strategy that we launched at the end of 2023. Starting this year, FrieslandCampina is focusing on specific product/market combinations with its seven business groups. Collectively, these business groups have the task of optimally valorising the milk of our member dairy farmers. The business groups are hereby supported by a single supply chain organisation, efficient support departments and a smaller head office. The goal we have set for ourselves is to improve our performance on the basis of the three dimensions of our performance triangle: ‘winning in the market, expanding our margin and generating cash’. We have achieved good progress on all of these dimensions.

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https://www.frieslandcampina.com/news/frieslandcampina-half-year-results-2024/