Thursday, 23 May 2024
BusinessCriteriaCaixa obtained a profit of 1,910 million in 2023, 59% more

CriteriaCaixa obtained a profit of 1,910 million in 2023, 59% more

CriteriaCaixa, the holding company that manages the business assets of the La Caixa Foundation, obtained a consolidated net profit of 1,910 million euros in 2023, 59% more than in 2022, while the recurring net result stood at 2,190 million (+37 %), the entity reported this Friday in a statement. This company encompasses the foundation’s stakes in CaixaBank, Naturgy and Cellnex.

The gross asset value (GAV) amounted to 26,528 million euros, 8% more than in 2022; Of the total, 84% corresponds to listed variable income (including banking, industrial and services portfolio) and 10% to the real estate business, while the remaining 6% corresponds to unlisted variable income, cash and equivalents, and fixed income and others. This composition “shows the high liquidity of the portfolio, since listed assets and cash and equivalents together represent 86% of the total.”

During 2023, the net asset value (NAV) strengthened by 12.4% to 22,095 million, “standing at historical highs”, thanks to the good performance of both the strategic portfolio and the diversification portfolio. The performance of Grupo Financiero Inbursa (+42.2%), Cellnex (+15.3%), Naturgy (+11.1%) and CaixaBank (+1.5%) and strong cash generation stands out operating flow (966 million, compared to 725 million in 2022).

“This is thanks to the dividend income that CriteriaCaixa has received from its investees during the 2023 financial year, which stands at 1,114 million euros, a figure at historical highs, exceeding by 33.6% those registered in the previous year” , explains the entity.

Of note are the dividends from CaixaBank (558 million) and Naturgy (388 million), as well as from Telefónica (42 million), The Bank of East Asia (32 million), and those from the diversification portfolio (94 million).

The president of CriteriaCaixa and the la Caixa Foundation, Isidro Fainé, has highlighted the strength of the company’s results: “The good performance of CriteriaCaixa’s main investees has boosted dividends, which will allow the la Caixa Foundation to count in 2024 with a budget of 600 million euros for social action, the largest in its history.”

The Board of Directors of CriteriaCaixa has commissioned its new CEO, Ángel Simón, to prepare a Strategic Plan for the period 2025-2030 that lays the foundations for this new stage, with the aim of promoting long-term value creation to preserve and grow the assets of the Foundation, and protect its social work.

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