(Corrects net profit figure)

BOGOTA (Reuters) – Net profit at Grupo SURA, Colombia’s largest investment company, rose to 406.7 billion pesos ($103 million) from the 61.3 billion pesos net loss reported the year before, boosted by the recovery of its business and a lower impact from the COVID-19 pandemic, the company said in a statement on Friday.

The company posted an annual net profit of 1.5 trillion pesos, up from the 336 billion pesos from 2020.

Total revenue for the quarter was up 23.8% to 6.59 trillion pesos.

Grupo SURA operates in 11 countries via participation in financial services, foodstuffs, cement, energy and infrastructure, as well as investment firms.

It has important stakes in Bancolombia, food producer Grupo Nutresa, and Grupo Argos.

The company is currently the subject of a second takeover bid in which the Gilinski Group seeks between 5% and 6.25% of the outstanding common shares, at a price of $9.88 per share, which would allow it to become the largest shareholder.

For 2022, Grupo SURA forecasts a growth between 10% and 15% of its net income.

Additionally, Grupo SURA reported that it will propose to the ordinary shareholders’ meeting an ordinary dividend of 784 pesos per share, equivalent to an annual growth of 30%.

(1 dollar = $3,940.20 Colombian pesos)

(Reporting by Valentine Hilaire and Nelson Bocanegra, Writing by Julia Symmes Cobb, Kylie Madry and Diane Craft)