RIO DE JANEIRO, BRAZIL – For the second consecutive year, Corporación Favorita and Corporación El Rosado are in first and second places among the largest companies in Ecuador, with sales revenues of US$2.2 billion and US$1.3 billion, respectively.
Both companies have a similar line of business; they are conglomerates of self-service stores, real estate investments, food production, staple products, commerce, and hardware.
The top 10 ranking includes shrimp, telecommunications, mining, food, oil, and pharmaceutical companies. Of these, five are located in Guayaquil, four in Quito, and one in the canton of El Pangui (Zamora Chinchipe).
The Companies Superintendence provides the data, which receives the financial statements of the 119,784 companies registered in the country yearly. The current ranking is elaborated with the figures for 2021, the last year of registration.
In total, 79,703 companies submitted their financial statements, representing 66.5% of the business universe. Of the companies that reported their accounts, 63.5% are micro-companies, 24.6% are small companies, 8.1% are medium companies, and 3.8% are large companies.
Large companies have more than 200 workers or annual revenues exceeding US$5 million.
The ranking of the ten largest companies in the country by revenue:
LA FAVORITA, THE LARGEST
Born in 1952 as Bodega La Favorita in downtown Quito. In 1957, Supermercados La Favorita was inaugurated, the first self-service store in the country.
In 1976, it was the first company to open its capital to the public and the first chain to offer a discount card.
In 1979, the first store was opened outside Quito, in the Policentro Shopping Center in Guayaquil. In 1983, it changed its name to Supermaxi.
In the 70s and 80s, the first central warehouse was opened, and industrial activities began with Pofasa, Maxipan, and Agropesa.
In the 80s, 90s and first decade of the 21st century, the supermarket model is replicated in the creation of specialized chains such as Sukasa, Salón de Navidad, Bebelandia (today Bebemundo), Salón del Juguete (today Juguetón), Todohogar, and Mr. Books.
In 2015, Travel Stores was opened at the Quito airport, and new insurance services, direct credit, and mobile telephony businesses were launched.
In 1993, the Radio Shack franchise (today, MaxiTec) was acquired. Between 2000 and 2010, existing chains such as Kywi, TVentas, and Tatoo were incorporated, and Libri Mundi in 2015.
In 1995, the first real estate investment was made with Mall El Jardín in Quito. In 2019, Hanaska and La Reforma joined the group. In 2021, Tipti, a supermarket shopping assistant and stores with home delivery, joined the group.
Since 2010, Corporación Favorita has had an international presence. There are stores in five countries in the region with subsidiaries Bebemundo, Nuà, Juguetón, Cemaco, Ferrex, and Tatoo.
At the end of 2018, it acquired a majority stake in Grupo Rey, a leading retail chain in Panama, with the Rey, Romero, Mr. Precio, Metro Plus, Farma Ahorro, and ZAZ stores.
La Favorita employs 21,600 employees and works with 13,041 suppliers. In 2021 it registered 3,226,213 customers and a total of 18,511 shareholders.
EL ROSADO CORPORATION
In 1958, Alfredo Czarninski, opened on Nueve de Octubre and Boyacá streets in the city of Guayaquil the supermarket El Rosado, which eventually gave rise to Mi Comisariato, one of the largest supermarket chains in the country. Apart from Mi Comisariato, Grupo El Rosado owns the Ferrisariato, Mi Juguetería, and Río Store chain stores.
SANTA PRISCILA
It was the first private company in Ecuador to surpass the US$1 billion barrier in exports in a single year, the first non-oil company to generate foreign currency for the country, and the largest shrimp exporter to the USA.
In just ten years, its sales increased from US$125 million in 2012 to US$1 billion in 2021 (including US$5 million from the sale of tilapia). But it has also made a significant contribution to the treasury.
First, as a source of employment, as Santa Priscila employs more than 12,000 people. Also, although 95% of its sales are exported, its local market has grown recently.
CONECEL
Conecel, Consorcio Ecuatoriano de Telecomunicaciones S.A. (“Ecuadorian Telecommunications Consortium”), was created in 1993 under the Porta trademark.
It was the first mobile telephone company in the country. In 2000 it was acquired by the Mexican capital company América Móvil and kept the initial generic name, which was in force until 2011.
In 2008, the Mexican operator Telmex acquired a local fixed telephony and internet services company called EcuadorTelecom S.A., which operated as Ecutel.
Between 2008 and 2011, the Telmex brand also offered paid television. In 2011 the services provided by EcuadorTelecom were marketed under Claro, together with Conecel’s telephony and mobile internet services.
On February 16, 2011, it was announced that the Ecuadorian telephone company Porta (and Telmex) would be renamed Claro as of the second quarter of 2011.
PRONACA
Pronaca, Procesadora Nacional de Alimentos C.A. (“National Food Processing Plant”), is a company engaged in producing and distributing food products. It was founded in 1979 by Ecuadorian Luis Bakker after merging the companies India, Inca, and Indaves. It currently employs 7,594 people and has impacted 382,120 with its community programs.
With information from Bloomberg