A Spanish company based in La Coruña, Corporación Alimentaria Vima, made millions in profits in 2024 thanks to its food export business to Cuba, a country going through one of its worst food crises in decades. The contrast between the figures reported by the company and the reality of Cuban peso markets—empty for most of the population—is as striking as it is troubling.

According to documents filed with the Spain’s Mercantile Registry, Vima recorded a net profit of 10 million euros in 2024, a 16% increase over the previous year. Most of this revenue—at least 49 million out of the 106 million euros billed—comes from its operations in Cuba. However, the products sold by this firm are not seen in state-run markets in Cuban currency, but rather in dollarized stores, tourist hotels, and warehouses controlled by the military conglomerate GAESA.

Vima’s growth on the island is not new. The company was founded in 1994 by Víctor Moro Suarez, son of politician Víctor Moro Rodriguez, and from the beginning it has maintained a close relationship with Cuban institutions. In May 2024, during a trade fair in Havana, the firm signed an agreement with Tiendas Caribe—an entity controlled by the military—to manage 20 food markets. Shortly afterward, it created Vima Caribe, a new 100% foreign-owned subsidiary in charge of centralizing its operations on the island.

This new branch, according to documents cited by the outlet Economía Digital, aims to replace the previous model by expanding the company’s commercial capacity in an environment where foreign capital must operate with the regime’s approval. It is no coincidence that Vima’s headquarters in Havana are located in Berroa, an area linked to the military conglomerate GAESA, which controls much of the Cuban economy. Vima has also been promoted in official Cuban media, pointing to its integration with the state apparatus.

Several reports suggest that the connection between Vima and GAESA is not new. As early as 2001, the company controlled a significant portion of the food market in Cuba. In 2016, its name appeared in the Panama Papers as part of a network of firms registered in tax havens. Despite this, it has continued to operate without visible obstacles. In 2022, it was listed in Cuba’s National Registry of Foreign Commercial Representations—a formal step that appeared to come decades late.

The paradox is clear. While a foreign company makes millions selling products that most Cubans cannot afford, the population suffers from chronic food shortages. Vima’s story shows how certain business players manage to thrive amid Cuba’s crisis—provided they have the right connections.

According to its founder in an interview with a Spanish outlet, the key to success has been finding a niche and avoiding political involvement. A strategy that has allowed the company to establish itself as a key supplier to the tourism sector—but one that excludes the portion of the population without access to foreign currency.

This article was translated into English from the original in Spanish.