Waikato's Tatua Dairy Cooperative has announced record annual revenue, meaning a healthy payout figure for farmers.
Tatua achieved record group revenue of $357 million, and earnings of $127 million for the 2017/18 season.
Shareholders will receive a payout of $8.10 per kilogram of milksolids.
Tatua chairman Stephen Allen said two main factors were behind the good result.
"Our focus on growing our value-add businesses has contributed significant additional revenue, and our bulk ingredient product mix has served us well," he said.
The cooperative is looking to make further investments.
"In deciding our payout, we have sought balance between supporting our shareholders and Tatua's requirements for reinvesting in the future, " said Mr Allen.
"We are optimistic in our outlook for dairy and the season ahead, but will also be keeping a healthy level of caution considering the emerging global trade situation that may affect us in some way," he said.
Other dairy cooperatives aren't faring so well.
Westland Milk has has reported a final milk payout of $6.12 per kilo of milk solids (kgMS) less a five cent retention, delivering a net average result for shareholders of $6.07 per kgMS.
It achieved $3.3 million profit before tax because of the decision to retain five cents.
Fonterra posted an annual loss of $196 million for the 2018 financial year. The final farmgate price per kilogram of milk solids will be $6.69.
The total cash payout for the year will be $6.79 per kilogram of milk solids - made up of the farmgate milk price and a dividend of 10 cents per share.