Grupo Nutresa Reports 11% Revenue Growth in 2023
At the ordinary meeting of Grupo Nutresa held at the Country Club of Medellín, the company reported revenues of $18.9 billion in 2023, representing a growth of 11% compared to the previous year. The directors announced an increase in the company’s social investment and emphasized the importance of not distributing dividends to strengthen the firm’s operation.
The Gilinski Group, now a majority shareholder, highlighted the double-digit growth in various chapters, including Cookies, Chocolates, Tresmontes Luchetti, Consumer Foods, Ice Cream, and Others.
“We continue to invest in high-growth categories and channels, strengthening the value proposition of the portfolio,” said Carlos Ignacio Gallego, president of Grupo Nutresa. The company saw positive dynamics in all business units, with sales in Colombia accounting for 59.2% of total revenue and international sales increasing by 11.2%.
Despite a 18.4% decrease in net profit compared to 2022, Grupo Nutresa maintained total assets worth $15.7 billion. The Board of Directors proposed not to declare dividends for the upcoming year and reinvest the net profit of $720,587 million in the “Occasional Reserve available to the Shareholders’ Assembly.”
Some minority shareholders expressed disagreement with this decision, with one shareholder stating the importance of maintaining dividends for workers and small shareholders. However, the majority approved the proposal, emphasizing the value in reinvesting profits for future growth.
The Assembly also confirmed the current Nutresa Board and announced a fivefold increase in the Group’s investment in the Nutresa Foundation, with an annual investment of $30,000 million for the next five years.