Context: How Bolsa Centroamericana de Valores works, and what it makes issuers disclose · Honduras on the LatAm Power Map
Honduras’s biggest steel-products distributor built itself from a single roofing-sheet workshop in 2006 into a Central American chain of 143 stores — and in 2021 became the first non-bank company to reopen Honduras’s dormant capital market with a landmark bond sale.
| Key Facts — ALUTECH, S.A. de C.V. | |
|---|---|
| Full legal name | Alutech, S.A. de Capital Variable (Alutech, S.A. de C.V.) and Subsidiaries |
| Instrument / exchange | Corporate bonds (ALUTECH 2020) — Bolsa Centroamericana de Valores (BCV), Honduras; also listed on El Salvador SSF and Panama Latinex. No equity shares are publicly traded. |
| Headquarters | Km. 2, Carretera a Puerto Cortés, Choloma, Cortés, Honduras |
| Sector | Steel products manufacturing, distribution and retail (construction materials) |
| Employees | 3,000+ region-wide (Honduras, Guatemala, El Salvador, Nicaragua, Costa Rica) |
| Market value (market cap) | Not applicable — ALUTECH is a bond issuer, not a listed equity. Outstanding bond programmes total approx. US$130 million across three markets (BCV, El Salvador, Panama). |
| Latest reported sales (revenue) | US$525.7 million (HNL ~14,045 million) — FY2021, audited. See note on disclosure below. |
| Net profit / net margin | Not published: see disclosure note below. |
| Return on equity (ROE) | 61.0% — FY2021 (PCR rating report, annualised) |
| Return on assets (ROA) | 17.0% — FY2021 (PCR rating report, annualised) |
| Financial debt (H1 2024) | US$351.3 million (including leases), up 31% year-on-year |
| Credit ratings | A+.hn (Moody’s Local Honduras, Dec 2024, stable); AA- (PCR/SCRiesgo, stable) |
| Website | www.alutech.hn |
What it is
Alutech, S.A. de C.V. is a Honduran-incorporated company that imports raw steel from Asia and Europe and processes it in its Central American plants to make sheets, gutters, pipes, profiles and other construction products.
Those products are sold through its own retail network across Honduras, Guatemala, El Salvador, Nicaragua and Costa Rica, with exports reaching the United States and the Caribbean; the chain runs 143 stores under the Alutech brand, 55 of them in Honduras.
The steel division — the listed entity — covers all Central American and Panama subsidiaries, whose main activity is the manufacture, sale and distribution of zinc sheets, steel gutters, drywall and other construction materials for the regional market. The parent conglomerate, EMCO Corporación, also operates in airports and mining, including the concession for Palmerola International Airport in Comayagua, Honduras.
Who owns it
Alutech is a subsidiary of Emco Enterprise, Inc. (formerly Emco Holding, Inc.), domiciled in Delaware, USA; a corporate reorganisation in March 2022 transferred ultimate control to that Delaware entity, which changed its name from Emco Holding, Inc. to Emco Enterprise, Inc. in August 2022.
Lenir Pérez is the founder and controlling shareholder of Grupo Emco Holding. The exact ownership percentage held by Emco Enterprise, Inc. in Alutech S.A. de C.V.
is not published in available sources; the BCV filings, the PCR and Moody’s Local rating reports, and the El Salvador SSF audited financial statements confirm the parent–subsidiary relationship but do not disclose the precise stake. Honduras’s Ley del Mercado de Valores (Decreto 8-2001) requires listed bond issuers to disclose material related-party relationships in their prospectus, which Alutech has done, but granular ownership percentages are not mandated in the bond-issuer prospectus format used at the BCV.
Who runs it
Lenir Pérez, the founder, serves as CEO of Grupo Emco Holding, the conglomerate that controls Alutech. The board of directors of the listed entity, as filed with the El Salvador exchange, is chaired by Eduardo Enrique Reyes Valladares (President), with Marco Vinicio Castro Rodas as Vice-President, Eduardo Enrique Rodríguez Hernández and Mario Alexis Pinto Girón as Vocals, and Erick Josué Spears Ramos as Secretary.
Not published: the name of a separate CFO for Alutech S.A. de C.V. is not disclosed in the BCV filings, the CNBS registry, or the rating-agency reports reviewed.
The PCR January 2023 rating report explicitly noted that information on the management team was not made available to the rating agency at the time of that assessment.
The money, in plain words
The company closed 2021 with sales above US$529 million — a near-doubling from the year before. Projections for 2022 pointed to more than US$655 million, which would have represented a further increase of US$122 million.
In 2023, management projected total annual revenue above US$630 million (approximately HNL 15,435 million) following the launch of two new industrial centres.
Not published: audited annual revenue and net profit for FY2022, FY2023 and FY2024 are not disclosed in any public document reviewed, including the BCV’s Alutech filings page, the CNBS public registry, the Moody’s Local Honduras public report of December 2024, or the Moody’s Local El Salvador public report of May 2026. The May 2026 Moody’s report confirms that audited financial statements through December 2024 exist and were used in the rating process, but the actual figures were not published in the public version of the report.
Honduras’s Ley del Mercado de Valores requires bond issuers to submit financial statements to the CNBS and the BCV, but those filings are not systematically published on the BCV’s public portal beyond the individual PDF documents uploaded per issuer — and the most recent uploaded to bcv.hn dated from 2022 at the time of research.
What the rating agencies do confirm: at the end of the first half of 2024 Alutech’s financial debt (including leases) stood at US$351.3 million, up 31% from 2023 and representing 43.5% of total assets. The ratio of financial debt to operating cash generation stood at 6.4 times (5.1 times excluding leases), and the company estimated it would close 2024 at 5.2 times, which would breach its covenant limit.
For context, a ratio above 5 times generally signals that a company’s earnings are stretched thin relative to what it owes.
What it is doing now
As of May 2026, Moody’s Local affirms that Alutech holds a solid market position in Honduras and is executing a regional diversification strategy through related steel-distribution companies. Alutech is the only Honduran company active simultaneously on the capital markets of Honduras, El Salvador and Panama.
Pressure on its financial ratios through 2024 was driven by weaker cash generation, higher running costs and rising interest charges; management projected improvement from 2025 onwards. Beyond steel, Grupo Emco holds a 30-year concession to design, build and operate Palmerola International Airport in Honduras, a joint venture with Munich Airport (Flughafen München GmbH), which is responsible for airport operations and technical know-how.
This is news, not investment advice.
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