Corporate Information

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Tropigalia's strong performance in 2022

In 2022, Tropigalia recorded a turnover of 5.18 billion Meticais, which represents an increase of 60% compared to the same period of the previous year. Sales growth was mainly driven by the impact of the product distribution operation of BAT, the national leader in tobacco products and which selected Tropigalia in May 2022 as its exclusive distribution partner. All business areas had a positive performance in 2022 and once again the highlight was the performance of our own brand, Gourmet. Gross margin increased by 22% compared to 2021, but its weight in sales decreased from 23% to 16%, an expected impact due to market factors. Fixed Operating Costs grew 45% compared to 2021, a growth more than proportional to the margin, driven by the global logistics and energy crisis, which led to an unprecedented increase in logistics and distribution operating costs, especially in the 2nd half of 2022. Additionally, the recruitment process for the Regional Distribution Centers, led to a significant investment in human capital. More than a hundred jobs were created across the country. Despite this context, EBITDA reached 240 million Meticais, a value 15% lower than in 2021, but still in line with the company's best year ever.
The ambitious investment plan in infrastructure and transport vehicles, in addition to the investment in human capital necessary for growth, led to an increased need to resort to short-term bank credit and in a context of rising interest rates, the company recorded negative financial results of 94 million Meticais. This is a cyclical increase but it limits the company's ability to distribute dividends to its investors and shareholders, compared to expectations.
PBT was 109 million Meticais and the Net Result was 78 million Meticais.

Performance significantly above Country and Sector

Tropigalia has surpassed the growth of the country and the sector consecutively in the last 7 years, growing above inflation and market expectations, with more and more industries trusting Tropigalia, as their distribution partner in Mozambique.

GDP: Modest growth in recent years
SECTOR: Recovered from crisis above GDP average
TROPIGALIA: Growth significantly above countryand sector averag

Consistent value generation but with large room for economies of scale

New distribution agreements constitute the main reason for the growth, while the organic growth under the existing portfolio represents a minor share. As the logistics and distribution market consolidates, large companies are increasingly concentrating on a smaller number of distribution partners to take advantage of economies of scale and sharable resources, such as storage, transport and customer base.

Tropigalia made major investments in 2022, in order to create advantages in the coming years.

Generous Dividend Policy

Tropigalia distributed dividends in the last 3 years in atotal of 164 Million MT. Under the terms of the company’s articles of association,Tropigalia must pay at least 35% of the net profits toshareholders as a mandatory dividend. Class B Shares as preferred shares and are guaranteeda payment of a non-cumulative dividend of an amountequal or greater than 10% of the dividend approved forcommon shares. 

Public Subscription Offering

On the 10th of October, Tropigalia, S.A announced to the public the decision of its shareholders to launch a Public Offer for Subscription (“OPS”) of shares. Tropigalia's Public Offering corresponded to an increase in share capital with the issue of 3,078,507 preferred shares, representing up to 10% of its share capital, after the issuance.

The OPS was aimed at the general public, that is, individual, collective, institutional, Mozambican or foreign investors, resident or not in Mozambique.

The subscription period ran from October 17th to November 4th, 2022.

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Reasons to invest

    • Leading company in the distribution of fast-moving consumer products, with over 18 years of experience;
    • Exclusive representation of over 50 brands and 3,000 products from world-leading companies;
    • More than 12,000 customers nationwide, with its own distribution network and a fleet of more than 150 vehicles;
    • Warehouses and Distribution Centers in all Provinces of Mozambique;
    • Committed team, with more than 500 employees specialized in the distribution sector;
    • Company with a positive financial path and an average annual revenue growth of 25% over the last 5 years;
    • Exposure to a sector and a Company that benefits from economic growth, population and urbanization levels in the country.


Tropigalia is a Mozambican import and logistical and commercial distribution company for fast-moving consumer goods (“FMCG”), on an exclusive basis in the national market. The company distributes more than 3,000 products from around 50 internationally renowned brands at more than 12,000 points of sale, including its own brand Gourmet, the national brand with the widest range of food products.

Tropigalia was founded on April 14, 2004 and started its activity on July 1, 2004.

The Company has a network of more than 12,000 clients nationwide, in the informal and formal segment, including international chains of hypermarkets, supermarkets, wholesalers, mini-waretores, clients in the HORECA segment (Hotel, Restaurant and Catering), and other types of retailers.

Tropigalia is one of the largest Mozambican companies operating in the distribution sector of food and non-food products for mass consumption. In 2021, it recorded a turnover of more than 3,200 million Meticais, had more than 500 employees and a fleet of more than 150 distribution vehicles. In the most recent publication of “KPMG – 100 Largest Companies in Mozambique (2022)”, Tropigalia was classified as the 28th largest company in Mozambique.

Adolfo Correia, founding shareholder and current Chairman of the Company's Board of Directors, is the largest shareholder, with 61.9% of the capital. The second largest shareholder with 24.9% of the capital is Tropifoods Mozambique Limited, a company of an Investment Fund based in Mauritius, which invested in Tropigalia in 2017, and counts as main investors in the Fund entities such as IFC (Agência de World Bank Private Sector Financing) and the African Development Bank (AFDB or AfDB). The remaining shares are essentially held by Individual Investors and by Tropigalia itself.

An OPS occurs when a company proposes to most investors the subscription of its share capital through the issue of new shares.

Tropigalia's share offering corresponded to a capital increase of up to 3,078,507 (three million, seventy-eight thousand, five hundred and seven) registered, preferred, non-voting, non-redeemable and book-entry shares, representing up to 10% (ten per cent) of the Share Capital. of the Company, after issuance.

The OPS took place exclusively in Mozambique and was aimed at the general public, whatever the nature of the investor: individual, collective, institutional, Mozambican or foreign, resident or not in Mozambique. The subscription of shares was made through two segments, subject to the rules defined for each segment: Segment A: Tropigalia Workers and Young Investors; Segment B: General Public.

Tropigalia shares were available for subscription at the value of 100.00 MT (one hundred Meticais) for Segment A and 120.00 MT (one hundred and twenty Meticais) for Segment B.

Holders of shares subject to the OPS have the following main rights: The right to participate in General Assembly meetings; The right to a non-cumulative priority dividend, at least 10% higher than the dividend attributed to ordinary shares; The right to elect, together with other Class B shareholders, if any, an effective member of the Supervisory Board; The right to information about Tropigalia and other rights attributed to shareholders by law or by the Articles of Association.