Nestle's organic sales in Serbia rise 10.4% in 2023

Thus, the Serbian unit outperformed the organic sales growth of 7.2% at Nestle group level and of 8.2% at the level of the group's European operations, Nestle Serbia said in a statement last week without disclosing the value of organic sales in the country.

In 2023, Nestle Serbia continued for a third year in a row to develop a regenerative agriculture project that aims to promote sustainable food production. So far, it has invested some 800,000 euro ($868,000) in the project, processing some 3,000 hectares of land, the company's executive director for Serbia, Montenegro and North Macedonia, Marjana Davidovic, said in the statement.

Davidovic added that in 2024, Nestle Serbia plans to invest 1 million euro in the project, raising the area under regenerative agriculture to over 6,000 hectares.

Nestle's global revenues fell 1.5% to 93 billion Swiss francs ($106 billion/97 billion euro) last year, as the effect of foreign exchange resulted in a 7.8% drop in sales, while net divestitures had a negative impact of 0.9%. The group projects organic sales growth of 4% in 2024.

Nestle's Serbian unit is part of Zagreb-based Nestle Adriatic, which was founded in 2003 and is in charge of Nestle's operations in Croatia, Serbia, Bosnia and Herzegovina, Montenegro, North Macedonia and Kosovo.

(1 euro = 0.955 Swiss francs)