In their General Meeting, the Shareholders of COVAP, the Farming Cooperative of the Valle de Los Pedroches, have today approved the Group's accounts for 2023, which reflect turnover of 1.04 billion euros, 15% higher than that of the previous year. Likewise, sales consolidated in volume saw growth of 8%, allowing the Group to exceed 1.455 billion kilos.
The parent company's evolution has also been very positive with a 13% sales increase. Specifically, they went from the 670 million euros recorded in 2022 to 760 million euros. This increase is reflected in all the activities carried out by the Cooperative: Animal Feed, Dairy and Meat products.
Sustainable growth
To continue boosting the efficiency of its business in the short and medium term, the Group has reinforced its investment in 2023, exceeding 30 million euros, a figure that represents growth of 20% with respect to the previous financial year. Among the investments made, those in relation to its commitment to sustainability are particularly noteworthy, in the framework of a strategy that aims to reduce its carbon and water footprints even further.
To this end, the Cooperative has executed an energy project that is one of its kind in Europe, which means that more than 80% of the energy consumed by COVAP's industry comes from renewable self-generation sources, and which has materialized through the construction and commissioning of the hybridization of a solar power plant, a biogas plant and a biomass plant.
In addition, the Cooperative has allocated funds to improving its water footprint, with the incorporation of various technologies that will allow it to reduce, regenerate, and reuse the water in its production processes.
The COVAP Group, which includes the investee companies Lactiber León, Làctia Agroalimentaria, and Naturleite, suppliers of milk, milkshakes, cream, and butter to Mercadona; as well as COVAP USA and COVAP UK, has a workforce of 1,294 people and has created 75 new jobs in the last year.
Renewal of the Board of Management
During the General Assembly, elections took place for the Board of Management and Ricardo Delgado Vizcaíno was re-elected as Chairman. The Board of Management will have three new members, Jorge Muñoz-Machado Cañas, Lucía Maesso Corral, and Francisco Javier López Merchán.
Delgado Vizcaíno has valued the results obtained and COVAP's evolution over 2023 very positively: “the increase in sales, as well as the creation of new jobs and investment made to achieve greater energy efficiency and the modernization of the industrial processes, will continue to be key in driving the Group forward and consolidating the Cooperative as one of the sector's leading companies, in an ever more demanding and competitive market in which clients and consumers continue to look for the quality, food safety, and innovation COVAP offers”.
Likewise, the Chairman highlighted that the Cooperative and its members "clearly contribute to the economic and social development of our environment, offering society quality food products, from the source, with the aim of Caring for the value of our world together", at the same time as thanking his fellow Board members and the members for their commitment and the support and trust placed in him for the next four years.