Lactalis, the French dairy giant, concluded its 2024 fiscal year with $32.3 billion in revenue but faced a decline in profits due to a $475 million settlement with French tax authorities. Despite this, the company remains committed to sustainability and reducing its carbon footprint by 50% by 2033.
Lactalis, the world’s largest dairy group and a major player in France’s dairy industry, has reported its financial results for the 2024 fiscal year. Despite reaching a significant milestone in revenue, the company’s profits were impacted by a substantial tax settlement.
Lactalis, based in Laval, France, has successfully surpassed $32 billion in revenue for the first time, reaching $32.3 billion, a 2.8% increase from the previous year. The company’s operating profit also saw a 4.3% rise, reaching $1.5 billion. This revenue surge cements Lactalis’s position as the dominant force in the French dairy sector, outpacing rivals like Danone.
However, the company’s consolidated profits for the year fell to $388 million, down from $458 million in 2023. The decline in profits can be attributed to a recent settlement with the French tax authorities, in which Lactalis paid $475 million to resolve an ongoing tax dispute. This settlement stems from investigations into the company’s financial subsidiaries in Belgium and Luxembourg, which have been under scrutiny for alleged tax evasion dating back to 2019.
Despite the tax-related challenges, Lactalis remains resilient. The company continues to prioritize sustainability, reaffirming its commitment to reducing its carbon footprint by 50% by 2033. The dairy giant also maintains its focus on global growth, investing in innovative solutions for both environmental and operational efficiency.
About Lactalis:
Founded in 1933, Lactalis is a French multinational dairy company that produces a wide range of dairy products, including milk, cheese, butter, and yogurt. It operates in over 50 countries and is known for its popular brands, such as Président, Galbani, and Parmalat. Lactalis is committed to sustainability and aims to lead the dairy industry through innovation, quality, and environmental responsibility.
