Malting Company of Ireland (MCI), the 50:50 joint venture between Dairygold and Glanbia Ireland, reported a doubling in operating profit to €941,859 for the year ended 31 December 2018. Revenues increased 6% to €12.9m. Operating margins expanded from 3.7% in 2017 to 7.3% in 2018. Pre-tax profits also doubled to €0.9m.
The company purchases about 30,000t of malting barley every year from its shareholders, Glanbia and Dairygold. It processes this into malt for the brewing and distilling industries. The majority of the company’s sales are to customers in Ireland, with less than 5% exported.