Largest dairy trader does not earn the most

Using public KvK data, we draw up the financial balance from large to small(er). The common denominator is that the turnover in 2023 was below, after a year with extremely high prices a year earlier. Furthermore, it appears that the net profit margins vary widely.

1. Hoogwegt remains the largest
For the Hoogwegt Group, the largest dairy trader in the Netherlands in terms of turnover, the broken financial year that ended in September last year was certainly not a high-flyer. Turnover dropped considerably, but profit in comparison even more. Hoogwegt saw its turnover drop by a sloppy 10% last year to €3,46 billion. The bottom line is a meager €15 million. This is a decrease of no less than 63% compared to the previous financial year. Hoogwegt does not make any statements about volumes. It is interesting to see that Hoogwegt is expanding its activities somewhat. Among other things with subsidiary Meelunie. Hoogwegt also recently invested in a Canadian start-up of cultured milk. This is dairy, but a cow was not involved.

2. Interfood proud of its own achievements
Dairy trader Interfood has achieved excellent results in its fiftieth year of existence. The annual accounts for 2023 show a turnover of almost 17% lower, but the net result more than doubled. According to the annual report, which is now published in full on the company's website, turnover fell from €3,6 billion to €3 billion, which means that the company remains the second largest dairy trader in the Netherlands in terms of size. In terms of results, however, the company clearly came in first place, with a net result of €71,5 million. To achieve these results, Interfood had to transport 1.156 million tonnes of product from A to B. That is slightly less than the 1.172 million tonnes of the previous year.

3. Numidia on its way to a billion in turnover
Numidia is the challenger of Hoogwegt and Interfood. "Within five years, on to the number 2 position of dairy traders", said CEO Han van Hagen a year ago. Maintaining growth is going well. Despite lower prices, dairy trader Numidia from Herten in Limburg managed to keep turnover almost the same in 2023. The lower prices were offset by a volume increase of no less than 16% to a record of 351.000 tonnes of physical product. Yet Interfood and Hoogwegt still seem unapproachable far away. Net profit did take a step back at €16 million. Compared to record year 2022, this is a decrease of 23%.

4. Farmel finds his way back up
Farmel has had turbulent years, but is gradually returning to calmer waters. Dairy trader Farmel in particular is showing clearly positive results again. The holding company's turnover for 2023 amounted to €553 million. This is considerably less than the €727 million recorded for 2022, but this decline is largely due to lower dairy prices. The operating result rose sharply, as it turned from a loss of €5,5 million into a slight plus of over €1,1 million. The consolidated net result amounted to a negative €1,9 million. The dairy trading division is profitable and recorded a profit of €3,8 million. There is still work to be done at subsidiary Veco.

5. Geris doubled profits in 2023
Dairy trading company Geris can look back on a successful 2023. Although turnover decreased slightly to €369 million, profit increased by no less than 129% to €7,1 million. Compared to turnover, this results in a net profit margin of 1,92%, which Geris as a trading company does not have to be ashamed of. The cash flow did deteriorate somewhat last year. In addition, the solvency of less than 25% is not very strong, even though the company has only existed for 15 years.

6. Fresena achieves stable results
Fresena saw its turnover fall by 2023% to €15 million in 285. This did not have much impact on profit, which rose slightly to €5 million. This results in a net profit margin of 1,75%. The company focuses primarily on the European market, where the bulk of its turnover comes from. One point of attention is the solvency of 17%, which is not particularly strong.  

7. Newcomer Cefetra proves to be a fast grower
Cefetra Dairy has only been around for a few years, but already generates a solid turnover. In 2023 this was €216 million. An increase of €100 million compared to the previous year and a half. With a profit of €35.000, the company is also already writing black figures, although very limited. This is said to be due to the high start-up costs. In the annual report, Cefetra Dairy expresses its ambition to grow further. An exciting development for them is that the German parent company Baywa has ended up in financial trouble, although the company seems to be able to avert its demise.