Bega Cheese's annual profit has fallen 69 per cent to $24.2m as the company prioritises debt reduction and battles supply chain challenges.
Bega Group's FY22 revenue increased 45 per cent to exceed $3.00bn, while its consolidated net debt reduced by $60m to $265m as of June 30.
Its plant-based milk brand Vitasoy was the standout performer, with category growth up 11.7 per cent.
Bega says the results are a testament to the "strength of our business" which faced challenges including the Covid-19 pandemic, flooding and associated transport challenges and the global impact of war in Ukraine.
Bega Group says it is well positioned to manage opportunities and challenges as "volatility and disruption remains in the supply chain".
The company notes the first full year of ownership of Bega Dairy and Drinks is reflected in the growth of the branded segment of the Bega Group, with revenue growth of 63 per cent to $2.5bn.
The company declared a final dividend of 5.5c per share, payable on September 23.
