ENDE Servicios y Construcciones S.A.

What it is

ENDE Servicios y Construcciones S.A. is Bolivia’s specialist electrical-services contractor, covering construction and supervision of power lines and substations, commercial services, warehouse management, meter-reading, and electricity distribution support — all along the national power chain.

From its earliest days the company focused exclusively on electrical-sector work, and it has grown into a major executor of Bolivia’s national electricity plan — carrying out large-scale projects not only for ENDE group companies but also for public and private clients across the country.

Who owns it

The business was founded on 18 November 1996 as Edeser S.A., originally part of a Spanish transnational group; on 29 December 2012, by Decreto Supremo N° 1448, the Bolivian government nationalised those shares.

Today the company is a subsidiary of ENDE Corporación, Bolivia’s state-owned national electricity enterprise — which, as ENDE’s president has stated publicly, holds an 85% share of Bolivia’s electricity market through its group companies. The free float on the BBV is not disclosed in available sources.

Who runs it

Marcelo Argandoña served as General Manager of ENDE Servicios y Construcciones as of end-2022, reporting publicly on the company’s recovery and profit growth that year.

The parent company, ENDE Corporación, is now led by Mauricio Iván Arevey Mejia, an electromechanical engineer with 16 years of experience in electricity, oil and gas, who was appointed by Bolivia’s Minister of Hydrocarbons and Energy, Alejandro Gallardo. The current General Manager of ENDESYC specifically, and the CFO, are not disclosed in available sources.

The money, in plain words

The company’s worst moment came in 2020, when it booked a loss of roughly BOB 39 million (~USD 4.0 million) — close enough to wipe out its equity that management described it as a near technical bankruptcy.

Before that crash, nationalisation had dramatically lifted profitability: the average annual profit from 2013 to 2019 was BOB 16.04 million (~USD 1.6 million), compared with only BOB 0.49 million (US$50 k) a year in the pre-nationalisation period from 2006 to 2012.

A new executive team installed at the start of 2021 redesigned the business structure; by 2022 the recovery was visible, with profits up 36% year-on-year. Detailed revenue and margin figures for the most recent year are not disclosed in available free primary sources; third-party data provider EMIS notes a 3.83% fall in net revenue in 2025, though the absolute figure is behind a paywall.

What it is doing now

The single biggest structural move in recent years was the absorption of sister company ENDE Tecnologías S.A. by merger, completed on 31 December 2023, with the enlarged entity beginning operations on 1 January 2024 — the goal being to combine the two companies’ capabilities, capture synergies, and expand the range of services offered under one roof.

In early 2025 the company took delivery of new vehicles and equipment to strengthen its electricity distribution operations in Oruro and La Paz. The parent group, meanwhile, invested BOB 451 million (~USD 45.8 million) in transmission projects and BOB 461 million (~USD 46.8 million) in distribution in 2024, adding 1,217 km of new lines and 46,672 new electricity users — work that flows directly through ENDESYC’s contract pipeline.

What to watch

• Post-merger financials. The 2024 annual accounts will be the first full-year test of the merged entity; whether the Tecnologías absorption has lifted margins or simply added cost is the key question.
• Revenue trend. A 3.83% revenue decline flagged for 2025 suggests the merger alone has not yet reversed top-line pressure; watch whether the enlarged contract book reverses this.
• Parent-group ambition. ENDE Corporación is actively pursuing energy-integration agreements with Brazil, Chile and Paraguay, including studies on electricity interconnection and cross-border trading; new cross-border infrastructure would be a direct source of construction contracts for ENDESYC.
• Transparency risk. Individual financial statements for ESC.BO are not freely accessible through the BBV or ASFI public portals; investors dependent on public disclosure face a real information gap in a thinly traded state-controlled security.

This is news, not investment advice.