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In a year marked by record-high cocoa prices and the worst harvest in ten years, Tony’s Chocolonely still achieved strong sales growth and a small operating profit. The United States is now the largest market for the impact company.
Limited volume growth
Tony’s Chocolonely’s sales grew by 20% last year to €240 million. In the United States, the brand grew by around 50% to €75 million, making the US Tony’s largest market – bigger than its home market in the Netherlands. The revenue growth is mainly due to price increases, although volume also grew by 4% in a shrinking market (last year it was 22%). The impact company posted a small operating profit (EBIT) of €0.2 million, an increase of €3 million compared to last year. There was a net loss of €4.4 million, less than last year’s €6.8 million.
Through Tony’s Open Chain (TOC), nearly 27,000 tons of fair cocoa were purchased, a 50% increase, which has a positive impact on more than 30,000 cocoa farmers in Ivory Coast and Ghana (+60% compared to last year). At partner cooperatives with which Tony’s works on a long-term basis, the percentage of child labor is below 5%, compared to an industry average of 46.7%. 99.99% of the cocoa purchased by TOC is deforestation-free. All cases of child labor or deforestation that are found are resolved. This fiscal year, two new mission partners joined TOC, Albert Heijn expanded its collaboration, and Aldi also extended its commitment by five years. TOC now has more than 20 mission partners and 19 partner cooperatives, according to the company.
“Investing in resilience”
“It was a challenging year, but we have demonstrated how resilient and effective our model is – with strong growth in revenue, volume, and profitability, and above all in impact for cocoa farmers and their families,” says CEO Douglas Lamont. “Now that higher prices have been passed on to consumers and the market price for cocoa is falling, the sector must work together to see how we can invest in resilience against future climate shocks and crop losses. Long-term investments in cocoa farmers, through higher prices, enable them to invest in sustainable cocoa farming. This reduces volume fluctuations in times of climate change and ensures that the most serious forms of exploitation, including child labor, are eliminated.”
