Fonterra Co-Operative Group (ASX:FCG) has announced its fiscal year reported profit after tax of NZ$1.6 billion, presenting an increase of 170%.

The company’s guidance for the 2023/24 earnings estimates a range of 45-60 NZ cents per share.

Fonterra’s total revenue for the fiscal year reached NZ$26.05 billion, a rise from last year’s NZ$23.43 billion.

The forecast 2023/34 season farmgate milk price range is expected to be NZ$6.00 - NZ$7.50 per kgms, with the final 2022/23 season farmgate milk price amounting to NZ$8.22 per kgms.

There are indications of renewed demand for New Zealand milk powders beginning from early 2024.

Additionally, Fonterra has declared a final dividend of 40 NZ cents per share.

The company anticipates improved margins across its consumer and foodservice channels for the fiscal year 2024.

Fonterra has also set an environmental goal of achieving a 50% absolute reduction in Scope 1 and 2 emissions by 2030, from a 2018 baseline.

Lastly, the company is updating its long-term strategy and plans to share it early next year.

Fonterra Co-Operative Group (ASX:FCG) is one of the world’s largest processors of milk and a leading producer of dairy products.