“Challenging market conditions” pushed Dutch dairy giant FrieslandCampina into negative figures in 2023 despite a good performance at the company’s specialized nutrition and ingredients division.

Both the dairy and trading units were under “severe pressure”, the company said, resulting in a net loss of €149 million on sales down 7% at €13 billion. The cooperative booked net profit of €292 million in 2022. 

The company said in December it is cutting 900 jobs in the Netherlands as part of a major overhaul which will reduce the global workforce by 1,800. FrieslandCampina is a cooperative owned by some 15,000 dairy farmers in the Netherlands, Belgium and Germany.

In 2020, the dairy giant cut 1,000 jobs, blaming the direct and indirect impact of coronavirus and pressure on profit margins in the Netherlands, Belgium and Germany. The company’s brands include Fristi, Chocomel and Friese Vlag.