News World Dairy firm Arla offers entire 2018 net profit to drought-stricken farmers

Dairy firm Arla offers entire 2018 net profit to drought-stricken farmers

The board at Arla Foods, one of the world’s biggest dairy companies, has proposed paying its entire 2018 net profit to farmers suffering one of the hottest and driest summers on record.

It expects a profit of up to 310 million euros or 3.2 percent of its turnover, Arla said in a statement on Thursday.

The firm – owned by 11,200 farmers in Denmark, Sweden, Germany, Britain, Luxembourg, the Netherlands and Belgium – has traditionally only paid part of its net profit to owners, but would make an exception this year due to the drought-stricken conditions, it said.

European farmers are trying to recoup losses caused by a summer heatwave which has shrunk cereal harvests and dried out pastures, leaving some farmers on the edge of bankruptcy and shutting the EU out of lucrative export markets.

Arla competes with food giants such as Danone and Nestle.

Top Stories

2nd arrest on cannabis nursery case, man found with 15 thousand euro in apartment

  Authorities have remanded a second man in custody, a 34 year old from Limassol, in connection with the case of a cannabis nursery discovered...

Armed robbery at Limassol bakery

  A young man got away with 500 euro from a Limassol bakery last night under threat of a knife. Wearing dark clothes, the hooded man...

Storms and hail for much of the day, snowfalls on Troodos, clear later

  The met office issued yet another warning in the early hours for powerful storms and hail, as a low pressure system continues to affect...

She caused an accident under the influence of drugs and alcohol

A 39 year old woman was arrested after she caused an accident last night in a Nicosia area and was found to be intoxicated...

Drop in new covid cases and hospitalised, 202 and one death

  Cyprus recorded one covid-19 death over the past 24 hours, raising the number of victims to 167, 111 men and 56 women with an...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...