Kerry Group 2022 Profit Fell Despite Increased Revenue; Expects Growth in 2023

By Joe Hoppe

Kerry Group PLC said Thursday that its 2022 pretax profit fell although revenue rose, and that it expects to achieve growth in 2023.

The Ireland-based food company posted a pretax profit of 699.0 million euros ($747.1 million) for 2022 compared with EUR816.3 million a year earlier, reflecting increased depreciation and intangible asset amortization and a loss from trading items.

Earnings before interest, taxes, depreciation and amortization, however, rose 13% to EUR1.22 billion

Revenue rose to EUR8.77 billion from EUR7.35 billion, reflecting volume growth, price increases and favorable foreign-exchange headwinds in particular, it said.

The board declared a final dividend of 73.4 European cents, bringing the total dividend for the year to 104.8 European cents, an increase of 10% on 2021.

"While recognizing the current market uncertainty, we believe we are strongly positioned to continue to grow our business through this period," Chief Executive Edmond Scanlon said.

The company said it expects to achieve adjusted earnings per share growth in 2022 of 3% to 7% on a constant currency basis.

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(END) Dow Jones Newswires

February 16, 2023 03:13 ET (08:13 GMT)

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