Context: How Bolsas y Mercados Argentinos (BYMA) works, and what it makes issuers disclose · Argentina on the LatAm Power Map
A century-old Patagonian dynasty built Argentina’s grocery backbone from the wind-battered south — and is now making its boldest push north in its 117-year history.
| Key Facts | |
|---|---|
| Full name | Sociedad Anónima Importadora y Exportadora de la Patagonia |
| Trading name | La Anónima |
| Ticker / exchange | PATA — Bolsa de Buenos Aires (BCBA) |
| Headquarters | Ituzaingó, Buenos Aires, Argentina |
| Sector | Consumer Cyclical — Supermarkets |
| Employees | ~12,500 (company LinkedIn, 2024) |
| Market value | ARS 695.0bn (US$476 mn) ($475.7m) — our calculation |
| Yearly sales (revenue, FY2025) | ARS 2,548.6bn (US$1.7 bn) ($1.74bn) — our calculation |
| Net profit (FY2025) | ARS 31.5bn (US$22 mn) ($21.6m) — our calculation |
| Net profit margin (FY2025) | 1.24% — our calculation |
| Return on equity (ROE) | –0.29% (EODHD TTM) |
| Price-to-earnings (P/E) | Not meaningful — earnings near zero |
| Dividend yield | 1.12% |
| Net cash | ARS 23.1bn (US$16 mn) ($15.8m); no debt disclosed — our calculation |
| Website | laanonima.com.ar |
What it is
La Anónima is an Argentine supermarket chain rooted in Patagonia, operating a mix of mid-size neighbourhood stores and larger hypermarkets that often anchor shopping centres. Beyond the shop floor, it owns two slaughterhouses — Frigorífico La Anónima and Frigorífico Pampa Natural — making it a significant beef producer and exporter as well.
After 110-plus years of growth, the chain has reached roughly 160 branches across 84 cities, capturing about 10.9% of the national supermarket market. The wider business ecosystem also includes 11 regional distribution centres, a bakery plant, three fresh-produce markets, an e-commerce platform, and a fintech arm.
Who owns it
The company was founded in 1908 when José Menéndez, Mauricio Braun, and Gastón Blanchard merged their Patagonian trading interests. Today the share capital remains controlled by the Braun and Menéndez families.
The exact percentage they hold is not disclosed in publicly available filings, but institutional investors account for just 0.5% of the float (EODHD), confirming that the free float is minimal and the family grip is overwhelming.
In the early 1980s control was concentrated back in the Braun family, who relaunched the company as a focused supermarket operator. The company has traded on the Buenos Aires stock exchange since 1942, but thinly — it is listed, not truly public in the way international investors would expect.
Who runs it
Federico Braun — born 1948, fourth generation of the founding family — serves as President and Chair of the board. Nicolás Braun, also a family member, holds the role of General Manager (Gerente General).
A named CFO is not disclosed in available sources; the LinkedIn profile of the company points to an Executive Director for Logistics, Admin & Finance as the senior finance executive.
The money, in plain words
La Anónima rings up roughly ARS 2.55 trillion (US$1.7 bn) ($1.74bn) a year — but keeping profit from that revenue is hard work. In fiscal year 2025 it held on to just ARS 31.5bn (US$22 mn) ($21.6m), a net profit margin of 1.24% (our calculation) — thin even by supermarket standards, where 1–3% is typical.
The year before it earned ARS 74.2bn (US$51 mn) ($50.8m), a margin of 2.86% (our calculation), so the FY2025 compression is real and material.
For every peso of equity shareholders own, the company currently earns back less than nothing — a return on equity of –0.29% on a trailing basis (EODHD). The balance sheet is clean: no debt is disclosed, and it holds ARS 23.1bn (US$16 mn) ($15.8m) in cash (net cash position, our calculation), giving it room to manoeuvre.
The company pays a dividend yielding 1.12% — modest, but a sign the family does not treat the listed vehicle as purely private property.
What it is doing now
La Anónima’s most significant recent move is the agreed acquisition of 12 hypermarkets from Grupo Libertad, including a logistics centre and more than 1,600 transferred workers, with locations in Córdoba, Tucumán, Rosario, Salta, San Juan, Rafaela, Posadas, and Santiago del Estero — pushing the chain deep into central and northern Argentina for the first time at scale.
Chairman Federico Braun described it as “a unique opportunity for growth and expansion” into regions where the chain previously had minimal presence. Meanwhile, the meatpacking division — which accounts for about 12% of sales — posted revenue growth of roughly 55% in the first half of FY2026, driven by higher dollar-denominated beef prices and greater export volumes.
What to watch
- Absorption of 12 new hypermarkets. Folding large-format stores in unfamiliar cities into a Patagonian cost structure is the single biggest execution risk right now.
- Margin recovery. Net margin fell from 2.86% to 1.24% year-on-year (our calculations). Whether Argentina’s consumer recovery under President Milei’s reform programme restores volume and pricing power in supermarkets will determine whether earnings rebound.
- Credit quality in the fintech arm. Rising bad debts — up roughly 580% in the first half of FY2026 — are the sharpest drag on current earnings. The company’s own credit card book is expanding fast; if loan losses keep climbing, they could wipe out the thin operating profit entirely.
- Beef exports. La Anónima is Argentina’s fifth-largest beef exporter; global beef prices and Argentina’s Hilton Quota allocation are a meaningful swing factor for overall profitability.
Sources
- Wikipedia — La Anónima (English)
- Wikipedia — La Anónima (Spanish)
- Harvard Business School — Federico Braun profile, Creating Emerging Markets
- La Anónima official site — Frigoríficos page
- La Anónima — LinkedIn company page
- Rava Bursátil — PATA company profile
- ESM Magazine — La Anónima acquires 12 Grupo Libertad hypermarkets (March 2026)
- Market data: EODHD.
This is news, not investment advice.
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