Context: How Bolsa de Valores de la Republica Dominicana works, and what it makes issuers disclose · Dominican Republic on the LatAm Power Map
A century-old Dominican soap, flour and cooking-oil maker, César Iglesias became the first Dominican company ever to sell shares publicly — a milestone that opened the country’s equity market in 2023 and brought a very private family business into the spotlight for the first time.
| Key Facts | |
|---|---|
| Full name | César Iglesias, S.A. (CISA) |
| Ticker / Exchange | AOCISA · Bolsa y Mercados de Valores de la República Dominicana (BVRD) |
| Headquarters | Av. Independencia 2403, El Portal, Santo Domingo, Dominican Republic |
| Sector | Consumer staples — household goods, personal care, food |
| Employees | 3,300+ |
| Market value (market cap) | DOP ~13.8 billion / ~US$236 million (our calculation: 129,070,733 shares × DOP 107, (US$2)April 28 2026 close) |
| Yearly sales (revenue) — FY2025 | DOP 22,877 million / ~US$391 million |
| Operating result — FY2025 | DOP 1,318 million / ~US$22.5 million |
| Net profit — FY2024 (audited) | DOP 438 million / ~US$7.5 million |
| Net margin — FY2024 | Not published: FY2024 total revenue was not explicitly stated in the audited financial statements or regulator filings accessed; the FY2024 net income of DOP 438 (US$7)M is from audited Dec 31 2024 accounts filed with SIMV (SIVEV-068). FY2025 operating margin was 5.8% (our calculation: DOP 1,318 (US$23)M / DOP 22,877 (US$391)M). |
| Return on equity — FY2024 | ~3.4% (our calculation: DOP 438 (US$7)M net income ÷ DOP 12,907 (US$221)M paid-in capital) |
| Price-to-earnings | Not published: full-year FY2025 net income not yet disclosed at time of writing; P/E cannot be precisely calculated. |
| Dividend yield | 0% — the board voted to pay no dividend on FY2024 results (April 2025 AGO), prioritising debt reduction and capital investment |
| Credit rating | AA (SC Riesgo / Moody’s Local RD, 2024–2025) |
| Website | cesariglesias.com · Investor relations: cesariglesias.com/accionistas |
What it is
César Iglesias is a Dominican company with more than a century in the market, dedicated to making and selling everyday consumer products in household cleaning, personal care and food. It runs more than 2,000 employees, 21 factories, 28 brands and 450 sales representatives who call on 30,000 customers every week.
Food accounts for the largest share of revenue, followed by household care at 26% and personal care at 20%; 87% of sales are domestic, with 10% exported to Haiti and 1% to the United States. The company was founded in 1910 and has operated continuously for more than 115 years, making it one of the oldest surviving industrial firms in the Caribbean.
Who owns it
Galiza Trading Inc., a holding company formally incorporated in Panama, owns 70% of César Iglesias; the remaining 30% is the public float traded on the BVRD. Behind Galiza Trading are two families: the Feris Iglesias family and the Armenteros Iglesias family.
Within Galiza Trading, the Armenteros Iglesias family holds 53% and the Feris Iglesias family 47%.
When César Iglesias listed in August 2023, it put more than five million ordinary shares on the market for a combined value of DOP 650 million (≈ US$11 million at the time), at an initial price of DOP 128.84 (US$2)per share. August 9, 2023 stands as a historic date for the Dominican capital market — it was the first public share offering in the country’s history.
Who runs it
The board is chaired by César N. Armenteros (Presidente del Consejo de Administración), with Miguel Feris Chalas serving as president of the Executive Committee — the operational top role — and Gabriel Rodríguez as Director Senior of Finance and Administration.
César Norberto Armenteros Iglesias has been associated with the company since 1964 and has served as President since 2015.
The board members ratified for a three-year term to December 2026 include César Norberto Armenteros Iglesias, Jesús Manuel Feris Ferrús (vice-chair), Miguel Enrique Feris Chalas, Carmen María Teresa Armenteros González, Manuel Emilio de Jesús Armenteros Iglesias, José Luis Perozo Barinas, Ernesto Elías Armenteros Calac, José Luis Abraham Rodríguez and Humberto Sangiovanni Armenteros. In April 2025, Alexander Schad Frómeta and Omar David Rojas Santiago were newly appointed to the board as independent external members — a governance step toward broader outside oversight.
The money, in plain words
In fiscal year 2025, César Iglesias generated DOP 22,877 million (~US$391 million) in sales and DOP 6,004 million (US$103 mn) in gross profit, with an operating result of DOP 1,318 million (~US$22.5 million) — a recovery in the second half of the year despite a slowing economy, cost pressure and stronger competition. From every peso of revenue, it kept about 5.8 cents at the operating line — an operating margin of 5.8% (our calculation), thin but consistent with a high-volume, low-price consumer staples model.
The audited balance sheet at December 31 2024 shows total assets of DOP 25,696 million (~US$439 million), with inventories of DOP 3,899 million (US$67 mn) and property, plant and equipment of DOP 9,235 million (US$158 mn). The ratio of financial debt to operating cash generation fell from 13.9 times at end-2022 to 3.2 times at end-2023, reflecting a major deleveraging achieved partly through the share-sale proceeds.
The company reduced its total debt by more than DOP 850 million (US$15 mn) during 2025, and stabilised margins near historic highs.
What it is doing now
In its most recent results presentation (April 2026), management reported record capital investment of DOP 1,600 million (~US$27 million) in fiscal 2025 — the highest in the company’s history — and chose to pay no dividend, directing cash into operational and financial strengthening instead. Expansion projects underway include a paper-pulp mill, an oil refinery, a soap factory and an enlarged distribution centre.
On the stock market, the share recovered to DOP 107 (US$2)by late April 2026, up 19% from its low in March 2026, though still below the DOP 128.84 (US$2)IPO price — leaving investors who bought at the float nursing a loss of about 17% before accounting for the DOP 1,200 million (US$21 mn) dividend paid in June 2024. First-quarter 2026 results showed record daily sales, high margins and continued improvement in the operating result.
This is news, not investment advice.
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