“In terms of share price growth, it has been one of the most significant in the market”

Grupo Nutresa’s ordinary meeting, held at the Country Club of Medellin, recorded revenues of $18.9 billion during 2023, an increase of 11% compared to those achieved in 2022. During the meeting, an increase in the company’s social investments was announced and the directors stressed the importance of not distributing dividends in order to strengthen the firm’s operations.

At the first general meeting at which the Gilinsky Group is present as the majority shareholderhe shed light Cookies, Chocolates, Tresmontes Luchetti, Consumer Foods, Ice Cream and other chapters also grew in double digits.,

“We continue to invest in high-growth categories and channels. During the year we continued to strengthen the value proposition of the portfolio, We integrate the use of data science and advanced analytics. Most of our brands are leaders in the categories in which they participate,” said Carlos Ignacio Gallego, president of Grupo Nutresa.

Regarding Colombia, According to the report, Grupo Nutresa’s revenue stood at $11.2 billion with a growth of 10.8% and positive dynamics across all businesses., Additionally, sales in Colombia accounted for 59.2% of the total during the year.

Regarding international sales, they amounted to $7.7 billion, which is 11.2% more than in 2022 and represents 40.8% of total revenues. These sales, expressed in dollars, were US$1.8 billion, an increase of 10%.

“2023 was a year of changing environment. As an organization we manage these situations with quick decisions and a vision of the future, we report growth across all business unitsGallego said.

Grupo Nutresa also revealed that consolidated net profit during 2023 was $720,483 million. This means a decrease of 18.4% compared to 2022, Gallego also said Grupo Nutresa’s total assets were worth $15.7 billion by 2023.

increases social investment

As Gabriel Gilinsky declared, During the visit of President Gustavo Petro last weekAt the Compañía Nacional de Chocolates plant in Rionegro (Antioquia), with the aim of consolidating the company’s assets, and with a view to taking advantage of its future growth. The board of directors of Grupo Nutresa proposed to the shareholders’ assembly not to declare dividends for the period between April 2024 and March 2025.

Instead, provide that the total amount of net profit, i.e. $720,587 million, be moved to “concurrent reserves available to the shareholders’ meeting”.

Faced with this, some minority shareholders expressed disagreement with the decision not to declare dividends.

from them, During the meeting, the minority shareholders, John Jairo Arias and Álvaro Restrepo Ceballos, said they did not agree with the decision., Restrepo went further and asked the board of directors to maintain adequate dividends for workers and minority shareholders. ,My invitation is for the board to reconsider and be considerate of small shareholders.“, Said.

“Our style is not to impose. When we made the first acquisition bid in 2021, Nutresa’s stock was at $20,000 and today it is close to $48,000. The share price increase has been one of the most significant in the Colombian market in the last two and a half years“Gabriel Gilinsky replied.

Furthermore, he said the board’s view is that what generates the most value is reinvestment of profits to continue growing. ,“What could be more confident than deciding to reinvest 100% of profits to create more jobs, build more factories and invest more?”,

He asked them to trust the new owners. ,When we arrived, the value of shares in the stock market had dropped significantly. We all benefit from the current stock price today. The point here is not to impose or trample., What we want is to support the building of that company in a way that, hopefully, goes global. Today we are exporting around 40% of Nutresa products,” he assured.

After the debate, the Board of Directors proposed to vote on dividend distribution, Approval for not distributing and reinvesting these was given with 98.23%.

Additionally, the Assembly confirmed the current Nutresa Board composed of Gabriel Gilinsky, Jaime Gilinsky, María Ximena Lombana, Christian Murali Rojas and Ricardo Díaz Romero.

During the assembly, it was also announced that the group’s investment in Nutresa Foundation has increased five times. Now the annual investment will be 30,000 million dollars annually for the next five years.