Ireland: Malting Company of Ireland�s profit after tax up �760,000

The Malting Company of Ireland’s financial report for 2024 showed a profit after tax of €1.1m, an increase from €760,000 the previous year, the Irish Farmers Journal reported on November 28.

Revenue during the year dropped by €7.5m to €21.6m, while administration and distribution expenses showed a small increase.

More than half of the company’s net profit for the year came from the reversal of an impairment on the value of plant and machinery of €614,000.


That impairment was originally taken by the company in 2014, when €1.8m was written off the value of the assets of the company.

At the time, the company said it was taking the writedown in light of the financial performance of the business in the previous number of years.

In 2014, the directors said they were confident the company would return to profitability in 2015 and beyond.

The forecast from the directors proved to be correct, with the Malting Company of Ireland turning an annual profit every year since 2015. By the end of 2024, retained earnings at the company had grown to €8.1m.

The accounts for 2024 also show a payment of €154,072 to the company under the Energy Efficiency Obligation Support Scheme. The payment in 2023 was €54,177.

Demand for malting barley has been weak in 2025, with the company notifying suppliers on 6 November that their malting barley contracts would be cut for 2026.

The company said then that it had reduced its malting barley requirements, as demand is expected to follow a similar trend as 2025, which was described as a “challenging year for the Irish distilling sector”.

CEO of the company Paul McGillicuddy told the Irish Farmers Journal that the company is “working through a tough market landscape tight now and [are] doing our best to generate value for our growers while servicing the needs of our customers”.

Market experts have suggested that it may be 2027 before there is a sustained return of demand for malting barley.

Irish whiskey exports have suffered this year under the trade restrictions introduced by US president Donald Trump.

The Malting Company of Ireland is jointly and equally owned by Dairygold and Tirlán.