The board of Tirlán will propose that its members approve an increased dividend of 20.96c per share at its Annual General Meeting (AGM) which is scheduled to be held on Thursday (May 9).

This would amount to €7.1 million payable to members on the share register at that date.

It would represent a 10% increase on the 2023 dividend of 19.06c/share which totalled €6.5 million.

In its 2023 annual report and accounts Tirlán outlined that the co-op board’s dividend policy “reflects its commitment to delivering a fair return to all shareholders”.

“Total share interest of €0.96 per share has been paid in the five-year period up to and including 2023,” it stated.


Latest financial accounts show Tirlán’s turnover fell by 17% to €2.53 billion last year compared to €3.06 billion in 2022.

The Kilkenny-headquartered co-op also reported a 5% year-on-year drop in operating profits for 2023 to €68.3 million.

The accounts also show that the co-op continued to receive “considerable dividend income” from Glanbia plc.

Tirlán’s main investment to-date is its 28.62% shareholding in Glanbia plc which saw a strong performance last year.

“This was was valued at €1,346.1 million on April 5, 2024,” it states in the annual report.

Tirlán chair, John Murphy, said: “Over the course of our evolution as an organisation since 2012, we have spun out 48.6 million Glanbia plc shares to Tirlán co-op members, with a current value of €865.7 million (based on a Glanbia plc share price of €17.82 on April, 5 2024).

“In addition, we have paid a total of €86.9 million in share interest dividends.”

New investment

According to the incoming chief executive of Tirlán, Seán Molloy, the co-op is currently sitting on an investment fund of €210 million at this time.

Molloy told Agriland that the key focus for this investment fund will be on “diversifying and adding value” to the organisation.

“We haven’t geographically limited where that investment might go but we’re looking essentially to invest in ways that will add value to our current product offerings or indeed to look at opportunities to diversify so as to give us some future proof in terms of returns on farm so we’re quite excited about what that opportunity will prevail for us.

“But we’ll be cautious to ensure that when we do land on on the investments that they are appropriate for the business,” Molloy said.