Comercial Administradora, S.A.

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**A note on financial figures:** The 2024 audited financial statements (year ended 31 December 2024, prepared under IFRS, audited by García Sierra y Asociados – Russell Bedford Guatemala) are filed on the BVN’s issuer page at bvnsa.com.gt/wpaginas/auditados/CASA.PDF. The document exists and was indexed, but its PDF could not be retrieved in full by this system due to an SSL certificate error on the exchange server. No income-statement figures (revenue, net profit, margins, return on equity) were disclosed in any publicly accessible text snippet. Not published: the full income statement remains behind the inaccessible PDF. Under Article 29 of the BVN’s Reglamento Interno and the *Reglamento sobre Divulgación y Actualización de Información de Entidades Emisoras*, listed issuers must file audited annual financial statements with the exchange; Arrend Leasing has complied (the 2024 filing is posted), but the figures themselves are readable only from the PDF directly. Investors can download it from the BVN issuer page or request it from broker FIVA, S.A.

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What it is

Comercial Administradora, S.A. was incorporated on 23 May 1994 under Guatemalan law; its core activity is providing financing through trust, mortgage and pledge loans, and through financial leasing with a purchase option. In plain terms: a client picks a vehicle, machine or office building; Arrend buys it and rents it to that client with the right to purchase at the end — a tool that lets businesses acquire assets without tying up their own cash.

The company focuses mainly on the sugar, commerce, construction and services sectors, offering leases of vehicles and specialised machinery. Arrend describes itself as characterised by a niche focus and a consolidated franchise in Guatemala, and is recognised as a relevant participant in the leasing market by Fitch Centroamérica.

Who owns it

Arrend Leasing was founded in 1994 as part of Grupo CASA; the group itself began forming in the 1940s, when a group of investors created a cluster of entities specialising in risk analysis and protection, starting with the group’s first insurance company. The shareholders of Arrend Leasing have established related companies in El Salvador, Honduras, Nicaragua, Costa Rica and Panama, also using the Arrend commercial name — though these are sister companies, not subsidiaries.

The number of shareholders currently making up the company is fewer than 25. The exact names and percentage stakes of those shareholders are not disclosed in publicly available filings reviewed for this profile.

Arrend Leasing does hold one direct subsidiary: FIVA, S.A., a licensed stock broker over which it exercises direct and effective control.

Who runs it

The company is governed by a Consejo de Administración (board of directors). One business directory (Verif) lists Eva Mirella Juarez as the company’s manager; however, this could not be confirmed against a primary corporate filing, and the prospectus names no individual executives by name in its public sections.

Not published: the names of the chief executive, chief financial officer and board chair are not disclosed in the bond prospectus, the BVN issuer listing or any other primary source reviewed; the prospectus states only that the legal representative certified the filing.

The money, in plain words

The company raises money by issuing short-term notes (pagarés) to investors on the BVN, and lends that money out through leasing contracts at higher rates, keeping the spread as profit. At 31 December 2024, paid-up and subscribed capital stood at Q108,606,690 (~$14.25 million) — the equity base that underpins the lending.

Total public debt outstanding is approximately $125 million (Cbonds), meaning the company operates with roughly nine dollars of borrowed money for every dollar of owner equity — typical leverage for a specialised lender, but a level that makes the credit rating critical.

Fitch Centroamérica assigns the issuer BB+[gtm] on the long-term scale — one notch below investment grade on Guatemala’s national scale — with a stable outlook (June 2022). That rating shapes the interest rate the company must offer investors on its pagarés to attract funding.

Full revenue and net profit figures are filed with the BVN but were not retrievable in text form; see the note above for access instructions.

What it is doing now

Arrend Leasing describes itself as the leading leasing company in the region, with presence in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama, and now with worldwide coverage across 53 countries through its commercial partner ALD / WHEELS. That global reach — through a European fleet-management giant — allows multinational clients to lease vehicles and equipment across borders under a single framework, a meaningful competitive edge over local banks.

The company’s most recent capital-markets move was the authorisation in 2023 of the “Pagarés Arrend Leasing 2” programme, a revolving note programme worth up to Q250 million (~$32.8 million), structured by FIVA, S.A. and placed via Dutch auction on the BVN. Belgian development-finance institution BIO Invest has supported Arrend in growing its loan portfolio and expanding financial services to small and medium-sized enterprises.

What to watch

• Refinancing risk. Short-term notes fund a longer-term leasing book; if market rates rise or investor appetite dries up, rolling those notes becomes costlier — the central vulnerability for any company built this way.
• Fitch rating review. The BB+[gtm] rating dates to June 2022. Any downgrade would raise borrowing costs immediately; an upgrade to investment grade would sharply widen the investor base.
• Regional expansion vs. concentration. Sister companies in five Central American markets use the Arrend name but are legally separate entities — the Guatemala parent carries no formal liability for them, but reputational contagion runs both ways.
• Ownership transparency. With fewer than 25 shareholders and no public equity, governance disclosure is thin. Any change in Grupo CASA’s controlling family or investors would be material but might not surface quickly in public filings.
• 2024 income statement. Once the BVN PDF is accessible, the net margin and return on equity will be the key numbers to assess whether rising interest costs have squeezed the spread on the leasing book.

This is news, not investment advice.