Context: How Bolsa de Valores de Quito works, and what it makes issuers disclose · Ecuador on the LatAm Power Map
Ecuador builds with clay bricks, and Dolmen S.A. has been firing them in Guayaquil since the late 1970s — a small but enduring listed manufacturer whose shareholders include two state pension funds alongside the founding Borja family.
| Full name | Dolmen S.A. |
|---|---|
| Ticker / exchange | DOLMEN.EC — Bolsa de Valores de Guayaquil (BVG) |
| Headquarters | Av. Juan Tanca Marengo, C.C. Dicentro, Local 38, Guayaquil, Ecuador |
| Sector | Clay product manufacturing / building materials |
| Employees | 58 (2024) |
| Market value (market cap) | Not disclosed in available sources |
| Yearly sales (revenue) | Not disclosed in available open sources; net sales grew ~27.6% in the most recent reported period (EMIS, paywalled detail) |
| Net profit | Not disclosed in available open sources |
| Net margin | Not disclosed in available open sources |
| Return on equity | Not disclosed in available open sources |
| Price-to-earnings | Not disclosed in available open sources |
| Dividend yield | Not disclosed in available open sources |
| Website | dolmen.com.ec |
What it is
Dolmen S.A. was founded in the province of Guayas and exists for one purpose: making bricks and other clay-based building elements. From that clay it produces wall blocks, stoneware tiles, floor tiles, platelets, and pavers.
Dolmen is the first company in Ecuador to manufacture clay products using eco-friendly processes; its products meet Ecuador’s INEN international resistance standards and carry natural thermal, acoustic, and ecological properties — no pigments, no chemical colourants.
Who owns it
The shareholder register today includes David Borja, Emma Borja, ISSPOL (the national police pension fund), and Cesantía de la Policía Nacional (the police severance fund), alongside other investors. The Borja name links directly to the company’s origins: a 1982 Supercias filing shows Juan Borja Barrezueta as president and Luis F.
Borja Barrezueta as manager, placing the family at the helm from the start.
The exact ownership percentages held by each party are not disclosed in available open sources; the presence of two state-linked pension funds as named shareholders gives the company a quasi-public dimension unusual for a firm of its size.
Who runs it
Ronald Vizhñay serves as general manager (gerente general), carrying forward what the company describes as the founding vision of durable, eco-friendly construction. The names of the chair and CFO are not disclosed in available open sources.
The money, in plain words
The company was formally incorporated on 20 July 1977 and today employs 58 people. For a manufacturer, that is a lean workforce — suggesting a high degree of mechanisation relative to output, though total output figures are not publicly available.
The most recent commercial data point shows net sales revenue up roughly 27.6% in the latest reported period, with total assets growing just 1.1% and the net profit margin declining slightly by 0.21 percentage points — meaning sales surged but the company kept a fractionally smaller share of each dollar as profit. Because audited revenue and profit figures are held behind a commercial paywall and have not been filed in any open primary source accessible at the time of writing, no absolute dollar amounts can be verified and none are stated here.
Ecuador has used the US dollar as its sole currency since 2000, so Dolmen carries no currency risk on domestic transactions — a structural advantage that simplifies its finances and removes a common source of volatility for emerging-market manufacturers.
What it is doing now
As of the second quarter of 2025 (Q2C2025), net sales revenue continued to grow, up a further 4.3% from the prior period — a moderation from the prior year’s near-28% jump but still positive, suggesting stable demand in Ecuador’s construction market rather than a boom-and-bust cycle.
The company has been actively marketing the performance advantages of its red-clay construction blocks — comparing them on dimensions, weight, load-bearing strength, and cost against conventional blocks used in Ecuadorian homebuilding. The channel is digital: video content aimed at builders and individual homeowners.
What to watch
- Ownership transparency. The combined presence of two police-sector pension funds as shareholders is undisclosed in precise percentage terms; any shift in that stake — or a move toward fuller public disclosure — would materially change the investment case.
- Ecuador’s construction cycle. Dolmen’s entire revenue line moves with domestic housebuilding; interest rates, remittances (a major driver of Ecuadorian housing demand), and government infrastructure spending are the macro levers to track.
- Margin pressure. Sales are growing fast but net margin is edging down — the classic squeeze of a small manufacturer passing on input costs imperfectly. Watch whether the premium positioning on eco-certified, INEN-compliant product lets Dolmen hold price.
- Audited financials. Dolmen’s 2024 financial statements were due at the Superintendencia de Compañías (SCVS) by April 30 2025. Once publicly searchable on the SCVS portal, those figures will fill the gaps this profile cannot yet close.
Sources
- Dolmen S.A. corporate website — “Sobre Dolmen” page (shareholders, general manager, product description): https://dolmen.com.ec/sobre-dolmen/
- Bolsa de Valores de Guayaquil — Dolmen S.A. issuer listing page: https://bolsadevaloresguayaquil.com/emisores/info-emisor.asp?emicodi=E.3G
- EcuadorPapers / Superintendencia de Compañías — Dolmen S.A. balance and estado de resultados, fiscal year 1982 (founding-era officers, incorporation data): ecuadorpapers.org — SCVS filing 1982
- EMIS company profile — Dolmen S.A. (incorporation date, employee count, revenue growth indicators; full financials paywalled): https://www.emis.com/php/company-profile/EC/Dolmen_Sa_en_3591398.html
- Superintendencia de Compañías, Valores y Seguros (SCVS) — portal information on 2024 financial statement filing deadline: https://www.supercias.gob.ec
- Market data: EODHD (no financials available for DOLMEN.EC).
This is news, not investment advice.
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