Corporación ILG Internacional S.A.

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What it is

Corporación ILG Internacional, S.A. — formerly ILG Logistics, S.A. — was incorporated under Costa Rican law on 6 September 1993; its core business is the representation of shipping lines, cargo transport, customs agency services, and bonded warehousing.

The group operates across seven Central American and Caribbean countries through its own offices and warehouses, and carries out its activities through offices in the principal cities of Central American countries, Panama, the Dominican Republic, and Colombia.

Beyond port logistics, the company offers export documentation, cargo consolidation, NVOCC, customs clearance, air and ocean transportation, port handling, tracking, storage and distribution, steamship agency services, and trucking — both less-than-truckload and full-truckload — across break-bulk, containerised, bulk, and automotive cargo.

In January 2024, the group quietly added a new arm: Terminales de Granos del Caribe ILG, S.A., constituted in Costa Rica on 13 January 2024, whose purpose is to optimise the storage, handling, and efficient distribution of grains, reducing logistics costs and improving the supply chain for the food and agro-industrial sector.

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Who owns it

The group is an open-capital company (*empresa de capital abierto*) registered in Costa Rica’s National Securities and Intermediaries Registry, with Corporación ILG Internacional owning 100% of its subsidiaries. It is listed on the Bolsa Nacional de Valores and regulated by SUGEVAL under Costa Rica’s Ley Reguladora del Mercado de Valores.

The company was built by a tight founding group. Board President José Mauricio Bruce Jiménez held the CEO role from 1980 to 2025 and is also a founding partner of Grupo Financiero Improsa; Vice-President Robert Edmond Woodbridge and Secretary Marianela Ortuño Pinto are likewise listed as co-founders of both ILG and Improsa.

The precise shareholding percentages of each founder, and the public free-float, are not disclosed in the primary sources reviewed — the exchange listing page (bolsacr.com) and the audited financial statements both omit a shareholder register.

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Who runs it

The seven-member board (*junta directiva*) carries significant experience: President José Mauricio Bruce Jiménez (MBA, INCAE) stepped down as CEO in 2025 after more than four decades leading the group. Secretary Marianela Ortuño Pinto (Business Administration, Universidad de Costa Rica) now serves as President of the affiliated Grupo Financiero Improsa.

The incoming CEO’s name is not yet disclosed in the primary sources reviewed — including the company’s investor-relations pages and the 2025 board listing. Fiscal (internal auditor to the board) Eduardo Alonso Guzmán holds a Master’s degree in Public Administration from Harvard and in Economics from Heidelberg, and advised governments and international organisations from 1987 to 2019.

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The money, in plain words

The most recent audited accounts are for the year ended 31 December 2024, signed off by Deloitte Costa Rica on 19 March 2025. The group’s total assets at that date were approximately CRC 46.4 billion (about US$103.1 million at today’s rate — our calculation), with receivables from clients alone accounting for CRC 18.99 billion (roughly US$42.2 million), which is 40.9% of the balance sheet — a high share, typical of logistics intermediaries whose value is in managing flows rather than owning heavy physical assets.

The auditors issued a qualified opinion — meaning the accounts are broadly reliable, with one stated exception: ILG holds a 24.5% stake in Grupo Financiero Improsa, S.A. (carried at CRC 14.4 billion / US$32.0 million), but because Improsa prepares its books under Costa Rican banking-regulator rules rather than pure IFRS, Deloitte could not fully reconcile the valuation of that investment or confirm whether it needs to be written down.

Not published: Revenue, operating profit, and net profit for the year ended 31 December 2024 are reported in the audited consolidated financial statements published on ilglogistics.com (PDF: *informe_consolidado_corporacion_ilg_internacional_diciembre_2024-2023_espanol_colones-f.pdf*). The PDF was accessed but could only be partially parsed; the income statement pages were not rendered.

Under SUGEVAL regulations and the Ley Reguladora del Mercado de Valores (Article 9 and related CONASSIF rules), listed companies are required to publish annual audited financials, and ILG does publish them — the figures exist in the document but could not be extracted in this research session. Readers seeking the precise revenue and profit numbers should open the PDF directly from the ILG investor-relations page.

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What it is doing now

The single most consequential move visible in recent filings is the January 2024 launch of Terminales de Granos del Caribe ILG — a new grain-terminal subsidiary in Costa Rica that extends ILG beyond traditional port agency and bonded warehousing into bulk agri-commodity handling, a capital-heavier and potentially more stable revenue stream.

The equally notable internal event is the 2025 leadership transition: José Mauricio Bruce Jiménez, who ran the company for 45 years, has moved from CEO to board chairman, marking the first generational change of control in the group’s modern history; the name of his successor in the executive chair has not yet been published in available sources.

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What to watch

• CEO succession. A 45-year founding CEO is a large act to follow; who takes the executive chair and what strategic direction they set is the defining question for the next two years.
• Qualified audit opinion. The Deloitte qualification on the Grupo Financiero Improsa stake (CRC 14.4 billion / US$32 million) is unresolved. If the two entities cannot align their accounting bases, investors face an uncertain valuation of a third of the total investment portfolio.
• Grain terminal ramp-up. Terminales de Granos del Caribe is barely 18 months old; whether it generates returns or becomes a drag on capital will be visible in the next two annual reports.
• Regional exposure. With eight country operations from Colombia to Costa Rica, any currency shock, port disruption, or trade-policy shift across Central America ripples directly into margins.
• Disclosure depth. ILG publishes audited IFRS financials as required by SUGEVAL, but ownership percentages, employee count, and executive pay remain opaque — a governance gap that institutional investors increasingly penalise.

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This is news, not investment advice.