Context: How Bolsas y Mercados Argentinos (BYMA) works, and what it makes issuers disclose · Argentina on the LatAm Power Map
A 140-year-old Argentine company with 200,000 hectares of Paraguayan farmland and a Spanish parent — Carlos Casado is one of the quieter, more patient land plays in Latin America, returning to profit in 2024 after a bruising 2023.
| Full name | Carlos Casado S.A. |
|---|---|
| Ticker / exchange | CADO5 — Bolsa de Comercio de Buenos Aires (BCBA) |
| Headquarters | Avda. Leandro N. Alem 855, Piso 15, Buenos Aires, Argentina |
| Sector | Agriculture / Real estate (land) |
| Employees | Not disclosed in available sources |
| Market value (market cap) | Not reported in structured data |
| Yearly sales (revenue, 2024) | ARS 11.77 bn (~$8.1M USD) |
| Net profit (2024) | ARS 827M (~$566K USD) |
| Net margin (2024) | 7.0% (our calculation) |
| Return on equity (2024) | 1.6% (our calculation) |
| Price-to-earnings | Not reported in structured data |
| Dividend yield | Not reported in structured data |
| Website | carloscasadosa.com |
What it is
Carlos Casado S.A. is one of the main agricultural companies in Latin America, listed on the Buenos Aires Stock Exchange since 1958 and on the New York Stock Exchange since 2009. Its business divides into three lines: Real Estate (acquiring and leasing farmland and agricultural facilities), Financial (managing stakes in other companies), and Agricultural (operating ranches, growing crops, and producing biodiesel).
The company’s most important single asset is the ownership of 200,000 hectares in the Paraguayan Chaco. Its founder, Carlos Casado del Alisal, bought that vast tract in 1883 — some 500 km north of Asunción — and built out ranches, a railway, and a port over the following decades.
Who owns it
Carlos Casado has been majority-owned by Spain’s Grupo SANJOSE since 2007. The company’s own governance pages show the SANJOSE chairman holds voting rights totalling 48.29% — split 24.95% direct and 23.34% indirect.
The exact free float is not disclosed in available sources, but the majority-controlled structure means minority public shareholders have limited sway over strategy.
Grupo SANJOSE is itself a diversified Spanish group present in over twenty countries across Europe, the Americas, Asia and Africa. Carlos Casado is effectively its agricultural and Latin American land vehicle.
Who runs it
The Grupo SANJOSE governance page shows the SANJOSE chairman also chairs Carlos Casado S.A. At the parent-group level, José Luis González Rodríguez serves as CEO, a post he has held since June 2020. A dedicated CEO or CFO for Carlos Casado S.A. itself is not separately named in available public sources.
The money, in plain words
In 2024 the company took in ARS 11.77 billion (US$8 mn) (~$8.1M) in sales — a rebound of 41.6% in pesos from 2023 (our calculation) — and kept ARS 827 (US$0.57)M (~$566K) as net profit, a net profit margin of 7.0% (our calculation). That recovery matters because 2023 was a disaster: revenue collapsed 43% and the company posted a net loss of ARS 4.1 billion (US$3 mn) (~$2.8M), likely reflecting the extreme distortions of Argentina’s peso devaluation cycle on ARS-reported figures.
The balance sheet is the real story: with ARS 65.2 billion (US$45 mn) (~$44.6M) in total assets and no financial debt reported, equity covers nearly 80% of everything the company owns — a return on equity of just 1.6% (our calculation), which is low, but reflects a business sitting on appreciating land rather than squeezing margins. Net cash is ARS 318 (US$0.22)M (~$218K), tiny against total assets — essentially all value lives in the land itself.
The gross margin of 45.4% (our calculation) in 2024 shows the underlying farm-and-land business is genuinely profitable at the operating level; the modest net margin of 7.0% reflects the weight of below-the-line items common in Argentine holding structures.
What it is doing now
Founded as a pioneer in the Paraguayan Chaco, the company today operates under sustainable production models, revaluing its lands annually and advancing its agricultural and livestock development to supply food globally. It operates across Argentina, Paraguay and Uruguay through subsidiaries including Rincon SAG, Paripanny Corp SA and Puerta de Segura SA.
No material deal, leadership change, or regulatory event for Carlos Casado S.A. specifically has been disclosed in available sources since the 2024 annual results.
What to watch
- Argentine peso risk. Nearly all revenue is ARS-reported; peso devaluations can make a nominally growing business look profitable one year and loss-making the next, as 2022-to-2023 demonstrated.
- Land valuation. With ~80% of the balance sheet in land assets, how the company marks those holdings — and any sale or development of Chaco hectares — drives book value far more than annual operating results.
- Parent-group decisions. SANJOSE holds a near-majority and can direct capital allocation; minority investors should monitor any related-party transactions or restructurings at the Spanish parent level.
- No published market-cap or P/E ratio. Without EODHD market-cap data, independent valuation against peers requires sourcing directly from the Buenos Aires exchange.
Sources
This is news, not investment advice.
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