Synlait Milk has posted an increased profit of $82.2 million in the year ended July 2019, and achieved record revenue, exceeding $1 billion for the first time.
In announcing its annual results, the Canterbury-based dairy company also confirmed a total average milk price of $6.58 per kgMS for the 2018/2019 season.
- Synlait's move into cheese market complete with purchase of Talbot Forest Cheese
- First Waikato dairy farmers sign to Synlait
The 2019 profit was up 12 percent on the previous year, and had been driven by ongoing growth in infant nutrition volumes and strong efficiency gains.
The company's $18 million expansion in lactoferrin capacity at its Dunsandel manufacturing plant had also paid off with resulting sales.
Lactoferrin is a high value, specialty ingredient used in a range of nutritional food products around the world.
Other notable growth projects delivered during the financial year had been the $260 million build of a new infant-capable manufacturing facility in Pokeno, and the build of a $134 million advanced liquid dairy packaging facility at Dunsandel.
Synlait also completed its acquisition of Talbot Forest Cheese and had a record year for new employees, with 218 people joining the company.
Plans for the coming year included an additional 30,000sqm warehouse at Synlait Dunsandel, which was expected to cost $32 million.
Synlait said the expansion would streamline logistic activities while bringing offsite South Island storage back to the site.
The project would create 20 new jobs and was expected to be completed by September 2020.