Granja Avícola Integral Sofía Ltda.

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What it is

Sofía began poultry farming in 1976 and grew into a company with a slaughterhouse, feed factory, processed-meats plant, sausage lines, frozen foods, and a by-products operation — plus pig and cattle fattening. Today it is regarded as a leader in Bolivia in the production and sale of chicken and pork, sausages, and high-quality processed products.

Its main customers are supermarkets and fast-food chains, though it also sells through market stalls, restaurants, neighbourhood shops, and a horizontal distribution network. In 2006 it became Bolivia’s first poultry company to win ISO 9001 and Good Manufacturing Practice certification, and later added ISO 22000 food-safety certification.

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Who owns it

The company was formally constituted on 27 February 1986 in Santa Cruz de la Sierra, with founders Mario Anglarill Salvatierra and Maida Serrate Arredondo. Sofía is a private limited partnership (no public equity), and the holding vehicle on the BBV company card is listed as Inversiones Ascorp S.A. — the family’s controlling entity.

The exact percentage split of partner quotas is not disclosed in available public filings; Bolivia’s securities law (ASFI) requires bond issuers to name principal partners in prospectus documents but does not mandate continuous ownership-percentage disclosure for private companies.

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Who runs it

Mario Anglarill Salvatierra — founder, Licenciado in Business Administration and Accounting from Universidad Autónoma Gabriel René Moreno, and a graduate of the INCAE Business School executive programme — holds the title of Executive President. His son Mario Ignacio Anglarill Serrate, an agronomist and zootechnician trained in Mexico and at INCAE, has worked at Sofía since 1991 and serves as General Manager.

Three other sons fill divisional roles: Julio Enrique Anglarill Serrate heads Operations, Oscar Anglarill Serrate heads Services, and Juan Carlos Anglarill Serrate heads Livestock (Pecuaria); the Commercial division is led by Jorge Román Medeiros. This is, in practice, a family-run enterprise across every management layer.

No independent CFO or CFO equivalent is disclosed in public filings.

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The money, in plain words

Not published: Sofía’s full audited income statements and balance sheets for 2023 and 2024 were not accessible in any free primary source — including the BBV company filings page, the ASFI Registro del Mercado de Valores (RMV), and the PCR rating-agency reports published on both platforms. Bolivia’s ASFI does require bond issuers to file audited financials with the regulator (Reglamento del Mercado de Valores, Article 87), but those PDFs are not freely machine-readable from the public portal.

The most recent verified snapshot is the PCR rating report dated to December 2021.

At December 2021, the operating margin stood at 5.90% and the net margin at 5.30% — meaning Sofía kept roughly five bolivianos of profit for every hundred it took in, a thin but typical margin for a vertically integrated protein processor exposed to grain-cost swings. By 2023, according to an independent financial analysis citing company data, profitability had deteriorated sharply, ending in a net loss, driven by rising costs and heavier debt-service charges.

Working capital — the gap between what the company is owed and what it owes in the short term — grew meaningfully in 2023, suggesting it remained able to meet near-term obligations even as the bottom line turned negative.

Sofía’s first public bond programme (Bonos Sofía I) was authorised for up to Bs 82 million (~$8.3 million at today’s rate), and the programme was later expanded. The company funds itself through the bond market and bank credit, not equity issuance.

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What it is doing now

On 30 August 2024, Banco Fortaleza S.A. disbursed a loan of Bs 21,075,000 (~$2.14 million) to Sofía — a material event reported to ASFI, indicating the company is actively drawing on bank credit, likely to manage working capital in a difficult operating environment. The company’s 2024–2025 annual report highlights resilience amid a challenging environment, with emphasis on sustainability commitments and quality-process innovation.

In January 2026 ASFI published a new “Pagarés Bursátiles Sofía I” programme — short-term commercial paper listed on the BBV — signalling Sofía is broadening its debt toolkit beyond long-term bonds. Bolivia’s acute shortage of US dollars and imported-grain price pressures remain the sharpest headwinds for the sector.

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What to watch

• Profitability recovery. The 2023 net loss is the central question; whether 2024 audited accounts show a return to positive margins will determine the company’s ability to refinance its bond obligations on acceptable terms.
• Debt maturity wall. Audited financials cover periods from June 2017 through to June 2021, with financial projections running to 2030 — those projections now face a very different macroeconomic reality in Bolivia.
• Succession and governance. With five family members running the company, any shift in the Anglarill family’s internal alignment would be a material risk for bondholders who have no equity recourse.
• Bolivia’s macro risk. The company is exposed to fluctuations in poultry and pork product prices as well as variations in production input costs — in Bolivia today, that means imported soy and corn priced in dollars that are increasingly hard to obtain.

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This is news, not investment advice.