Envases del Litoral S.A.

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What it is

Envases del Litoral manufactures and sells tinplate metal cans for human-consumption preserves, with the fishing industry — especially tuna — as its core business, alongside fruit, palm heart, and other canned-food lines. It holds roughly a 57% share of its domestic market against its main competitors, and its clients are large industrial buyers primarily in the fishing sector, with some export accounts in Samoa Americana and Chile as well.

The company was founded in 1973 and is located in Guayaquil, making it one of Ecuador’s longest-standing industrial manufacturers. Company history records confirm it was established by the Grupo Simon in that year.

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Who owns it

Envases del Litoral was founded by the Grupo Simon, a Guayaquil-based industrial group. EMIS’s corporate registry data shows the shareholding is divided in two equal 50% tranches; individual shareholder names sit behind a commercial paywall, but the structure indicates two equal principal owners.

The company also holds a 0.91% stake in a subsidiary called Genericos Americanos, Genamerica S.A.

Not published: the names of the controlling shareholders within each 50% tranche are not disclosed in the BVG bond prospectuses (GlobalRatings Sep 2025, Feb 2026), the SCVS-approved issuance resolutions, or the Bolsa de Valores de Guayaquil issuer page reviewed. Ecuador’s Ley de Mercado de Valores (Codificación de Resoluciones JPRF, Título XVI) requires bond-rating reports to describe governance practices but does not mandate publication of ultimate beneficial owner names in publicly accessible rating documents.

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Who runs it

EMIS records a President, Vice President, and General Manager as the three senior executive roles; their individual names are not available in publicly accessible sources. The bond rating reports confirm that governance is formalised in the company statutes, with a board of directors (Directorio) and a shareholder assembly at the apex.

Not published: the names of the current President, Vice President, and General Manager (Gerente General) are not disclosed in any of the BVG prospectuses, GlobalRatings reports (Sep 2025, Feb 2026), SCVS resolutions, or the Bolsa de Valores de Guayaquil issuer page reviewed for this profile. The most recent rating reviewed was issued in February 2026, based on audited financials through 2024 and internal statements through December 2025.

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The money, in plain words

Between 2022 and 2024 annual revenue fell from $64 million to $53.4 million — a slide of about 17% over two years. The 2023 dip came from weather shocks (La Niña and El Niño) and fishing bans; the 2024 drop reflected weak European demand, overloaded distributor inventories, longer fishing moratoriums, and the country’s electricity crisis.

Then 2025 snapped the trend: after contracting to $53.3 million in 2024, the company reversed course and posted 25.3% revenue growth, reaching $66.9 million for the full year — a new record (our calculation, sourced from GlobalRatings Feb 2026 financial table). Net profit for 2025 reached $0.84 million, a net profit margin of roughly 1.2% and a return on equity of roughly 1.8% (our calculations) — thin, but a marked improvement on the near-zero profits of 2022–2024, when net income averaged just $58,000 a year.

The cost of materials — principally imported tinplate sheet — fell from 78% of revenue in 2022 to 74% in 2024, widening the gross margin. By 2025 the gross margin had reached 26%, according to the GlobalRatings Feb 2026 report.

The company carries heavy debt relative to its equity: financial debt stood at $82.9 million at end-2025, giving a leverage ratio (total debt divided by equity) of about 2.39 times (our calculation) — manageable for an asset-intensive manufacturer but one that leaves the business sensitive to interest costs.

The average time the company takes to collect payment from customers improved from 116 days in 2022 to 94 days in 2024, and stood at 98 days at mid-2025 — a sign of tighter cash management.

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What it is doing now

The most recent material capital-market move was the approval by a general shareholder meeting on 15 July 2025 of a 23rd bond issuance of up to $10 million. A separate 22nd bond issuance of up to $9 million was approved by the Superintendencia de Compañías on 19 June 2025 and rated AA(+) by GlobalRatings in February 2026.

The proceeds are earmarked for working-capital and refinancing needs tied to the company’s rapid 2025 sales expansion.

As of July 2025, year-on-year sales had grown 28.85%, driven by greater availability of tuna raw material, more competitive prices, and strengthened exports to the European Union and the United States. Analysts at GlobalRatings projected 2025 full-year revenue growth of roughly 21% against 2024 — a forecast that the preliminary $66.9 million figure more than met, implying actual growth of 25.3% (our calculation).

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What to watch

• Tuna cycle. The company’s revenue is structurally exposed to the cycle of the fishing and canning industry, with a focus on metal cans for tuna and other marine products. One bad season — another La Niña or extended fishing ban — can erase a full year of gains overnight.
• Debt cost vs. thin margins. With a net margin of ~1.2% and leverage of 2.39 times equity, any rise in financing costs (Ecuador’s borrowing rates are high by regional standards) squeezes what little is left for owners. Watch the EBITDA-to-interest-expense ratio, which stood at a comfortable but not lavish 1.70 times at mid-2025.
• Receivables creep. In 2025 the company’s operating cash flow turned negative, because surging sales inflated its accounts receivable, forcing it to borrow to fund day-to-day operations. If collection times lengthen again, the debt load will grow.
• Ecuador macro. Ecuador’s economy contracted 2% in 2024, its worst performance in years. A durable recovery — and a continued fall in the country’s sovereign-risk premium — would lower the cost of Envases del Litoral’s bond refinancing and support domestic demand.

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This is news, not investment advice.