AUSTRALIA’S oldest dairy co-operative, has defied the economic uncertainty of COVID-19 to deliver a record milk price to its farmers and achieve an operating profit four and a half times higher than last year.

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Norco Co-operative Limited, which has one hundred and thirty four employees in its Raleigh factory and twenty six dairy farms in our footprint, has posted an operating profit of $5.4 million for the 2019-2020 financial year, up from $1.2 million the previous financial year.

The powerhouse performance is a welcomed result for the co-operative’s 302 active members who also benefited from a rise in milk payments, with each farmer member sharing in $17.1 million of much needed farm gate milk price increases compared to the previous financial year.

The combined value of higher milk price payments and improved returns represents a $21.3 million improvement in value for Norco farmers throughout their 125th year of operation.

Recently appointed Norco Chairman Michael Jeffery said the strong results were a credit to the co-operative’s management team and its hard-working farmer members who operate 203 dairy farms across New South Wales and Queensland.

Mr Jeffrey started as CEO in October last year and had previously worked as Chief Operating Officer in March last year after working for Bega Cheese for sixteen years.

He told News of The Area Norco’s results are partly attributed to fantastic consumer support.

“It clearly shows that customer support works,” he said.

Mr Jeffrey’s new approaches to how Norco drives value, how it approaches business and procurement; and new price development functions are paying off and our farmers are reaping the benefits.

Norco is now the fastest growing white milk brand.

“We have expanded our range and distribution of Norco milk into all Queensland and NSW Woolworths stores and recently increased the range in one hundred and fifty Coles stores in NSW,” he said.

This boost is so welcomed by farmers who continue to recover from the crippling effects of drought and high costs of production.

“Our farmers are still suffering from the repercussions of the worst drought that anyone can remember and incurred additional costs for feed and taken on debt that needs to be repaid over the next year or two.”

By Sandra MOON