Cerámica Carabobo S.A.C.A.

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What it is

Cerámica Carabobo manufactures and sells ceramic tiles for floors and walls in Venezuela, offering a portfolio made through both single-firing and double-firing methods. It also makes heat-resistant refractory products for industrial use.

Through its US subsidiary, Pan American Ceramics Inc., the company also distributes its products in the United States and Canada. It is the largest manufacturer of ceramic and refractory products in Venezuela.

Who owns it

Before the 2025 takeover offer, the dominant shareholder was H.L. Boulton with 55.28% of shares; the next largest positions were held by individual shareholder Philip Robert Henríquez Schemel (9.54%), Grupo KRG Consultores (5.33%), and Inversiones Qvita (2.36%).

The incoming buyers, COH Capitals 2025 and Vertical 3-5, held just 1.34% directly at the time of the offer but had reached private agreements with those four main shareholders. Together, those agreements gave the buyers effective control of 73.84% of the company, which is the legal basis for the public takeover offer.

Who runs it

Named CEO, CFO, and board chair are not disclosed in available sources — Venezuela’s exchange filings reference a board (*Junta Directiva*) elected at shareholder meetings, but current member names were not published in the primary filings reviewed. The shareholder-meeting contact for governance communications is JeanCarlo Moya at the company’s Valencia offices.

The money, in plain words

In the trailing twelve months, Cerámica Carabobo generated VES 905.51 million (~US$1.46M) in revenue and kept VES 68.25 million (~US$110,000) as net profit. That means it holds about 7.5 cents of earnings from every bolívar of sales — a net profit margin of 7.5% (our calculation), modest but positive in a hyperinflationary economy where many peers have struggled to stay profitable at all.

Return on equity is 14.35% — for every 100 bolívares shareholders have put in, the company earns about 14 back annually, a respectable rate. Debt is light, with a debt-to-equity ratio of just 0.09, and the company holds a net cash position of VES 22.62 million (~US$36,500) (our US$ calculation).

The shares trade at 33.22 times earnings (P/E of 33.22), a premium valuation for a small industrial company, likely reflecting the stock’s scarcity on a thin market. The company pays no dividend.

What it is doing now

In July 2025, COH Capitals 2025, C.A. and Vertical 3-5, C.A.

launched a formal public takeover offer for the company’s outstanding shares through the Caracas Stock Exchange. The offer, authorised by Venezuela‘s securities regulator SUNAVAL under Ruling No. 094 of 22 July 2025, priced each share at US$5.09, to be settled in bolívares at the official exchange rate on the transaction date.

The stated purpose is a corporate restructuring aimed at investments that strengthen the company’s financial and production capacity. The two acquiring firms have projected a total investment of over US$12 million in the company.

Cerámica Carabobo’s shares will continue to be listed and traded on the Caracas Stock Exchange after the transaction.

What to watch

• New ownership, new strategy: The buyers say the restructuring will not affect operating, financial, or governance policies, and that no asset sales, merger, or spin-off are contemplated — but investors should watch whether the promised capital injection materialises and in what form.
• Currency risk: Venezuela’s bolívar continues to depreciate sharply; almost all of Cerámica Carabobo’s revenue is in local currency, making the US-dollar value of its earnings highly volatile.
• Fiscal year end: The company’s fiscal year closes on 30 April, an unusual date — audited results for the year ended April 2025 should clarify how the business performed during the period of the ownership transition.
• Export diversification: The US/Canada distribution arm through Pan American Ceramics is a potential hard-currency hedge worth monitoring for any expansion signals.

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This is news, not investment advice.