Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
A factory on the edge of Bahia’s petrochemical complex has been turning titanium ore into the white pigment that makes the world’s paints, plastics and packaging bright since 1966 — but right now the pigment price cycle is squeezing it hard.
| Full name | Tronox Pigmentos do Brasil S.A. |
|---|---|
| Tickers / exchange | CRPG3, CRPG5, CRPG6 (B3, São Paulo); CRPG3F = fractional share of CRPG3 |
| Headquarters | Camaçari, Bahia, Brazil |
| Sector | Basic Materials — Specialty Chemicals (TiO₂ pigments) |
| Employees | ~595 |
| Market value | R$460.5M (~US$88.4M) — source: Investidor10, as of mid-2025 |
| Yearly sales (revenue, trailing 12 months) | R$732.2M (~US$140.6M) — source: Investidor10 |
| Net profit (trailing 12 months) | R$–6.7M (~US$–1.3M) — a loss |
| Net margin | –0.9% (our calculation: –6.66 ÷ 732.15) |
| Return on equity | –1.1% (our calculation: –6.66 ÷ 586.90) |
| Price-to-earnings (P/L) | Not meaningful (company is loss-making); Price-to-book (P/VP): 0.84× |
| Dividend yield | 0% (no dividend paid in trailing 12 months; last payment R$0.28 (US$0.05)/share, May 2024) |
| Website | www.tronox-ri.com.br |
What it is
Tronox Pigmentos do Brasil S.A. is a publicly traded Brazilian company in the basic materials sector, specialising in the production of titanium dioxide (TiO₂) — the white pigment used in paints, plastics, paper and cosmetics.
It sells its pigment under the TiONA and TiKON brands, used in high-performance paints, food packaging, medical equipment and PVC products. The company’s factory is in Camaçari, Bahia, in Brazil’s main petrochemical belt.
Who owns it
Millennium Inorganic Chemicals Holdings Brasil Ltda. holds 71.65% of total share capital and is the direct controlling shareholder; the remaining 28.35% trades freely on B3 under CRPG3, CRPG5 and CRPG6.
In 2017, Saudi group Tasnee signed a contract to sell all of its TiO₂ businesses to Tronox Limited, making Tronox Holdings plc the ultimate parent of the Brazilian unit. Tronox Holdings plc is itself listed on the New York Stock Exchange (TROX), so this Brazilian subsidiary sits inside a global chain.
Who runs it
Governance data from the company’s own filings shows Roberto Garcia de Souza served simultaneously as chairman of the Board of Directors and as an executive Director. On 2 September 2025, the company disclosed the resignation of the chairman of the Board of Directors and Director of the company — a material leadership change whose successor had not been publicly confirmed in available filings at the time of writing.
Board members Ricardo Fonseca Leal and Antomar de Oliveira Rios were nominated by the controlling shareholder, while Cristiane do Amaral Mendonça was nominated by investment funds managed by Trígono, representing minority shareholders. The IR Director is Viktor Maximiliano Augusto dos Santos Veras, the primary point of contact for investor relations.
The money, in plain words
In the trailing twelve months, the company brought in R$732.2M (~US$140.6M) in sales but posted a net loss of R$6.7M (~US$1.3M). That means it lost about 0.9 cents on every real of revenue — a net margin of –0.9% — against a net margin of 9% in full-year 2022, when conditions were far better.
The market values the whole company at R$460.5M (~US$88.4M), against a net book value of R$586.9M (~US$112.7M) — a price-to-book ratio of 0.84×, meaning investors are paying less than the stated asset value, a sign the market doubts near-term returns. Return on equity is –1.1% (our calculation), versus a strong 17% in the company’s better years.
What it is doing now
The company’s ilmenite mine in Mataraca, Paraíba, ceased all production in December 2021; zirconite, rutile and kyanite output had already been stopped in 2020. The factory in Bahia now relies on alternative supply, including imports from Tronox’s global network, for the titanium ore it needs.
In June 2025, a material change in relevant shareholder stake was disclosed to the market, and the board chair resignation that followed in September 2025 signals a period of transition at the top. Both events are worth watching for anyone tracking the company’s direction.
What to watch
- TiO₂ pricing cycle. Titanium dioxide is a commodity pigment; its price moves with global paint and construction demand. A recovery would flip this company from loss to profit fast — the 2021 peak margin was 29%.
- Raw-material security. With the Mataraca mine closed, the company now depends on imported ilmenite. Currency swings and freight costs hit margins directly.
- Leadership vacuum. The September 2025 chair resignation leaves a governance question open. Watch for who the controlling shareholder nominates next.
- Parent company health. Tronox Holdings plc (NYSE: TROX) drives strategy and supplies raw materials. Any restructuring at the parent will ripple directly into this Brazilian subsidiary.
- Share price discount. At 0.84× book value and with no dividend, the stock’s appeal rests entirely on a future earnings recovery — high-risk, high-reward territory.
Sources
- Tronox Pigmentos do Brasil S.A. — Results Release & Audited Financial Statements, FY 2022 (primary IR document, KPMG-audited, filed on MZ platform): api.mziq.com — Demonstrações Financeiras 4T22
- Tronox Pigmentos do Brasil — General Meeting Notice, April 2026 (shareholder and board data): api.mziq.com — Edital AGO/AGE abril 2026
- Investidor10 — CRPG3 profile (trailing 12-month revenue, net loss, market cap, employee count, share price): investidor10.com.br/acoes/crpg3
- Sabbius — CRPG corporate events log (chairman resignation 02/09/2025; shareholder stake change 10/06/2025): sabbius.com.br/company/show/CRPG
- AUVP Analítica — CRPG3 corporate history and ownership chain: analitica.auvp.com.br/acoes/CRPG3
- Market data: EODHD (no financials available for this issuer; all figures sourced from primary filings as above).
This is news, not investment advice.
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