Industria Sulfúrica S.A. (ISUSA)

What it is

ISUSA is a fertiliser and chemicals manufacturer that began operations in 1951 and is the leading maker of sulfuric acid and fertilisers in Uruguay. It produces different fertiliser formulas, solid and liquid compounds, and chemicals including aluminium sulphate and sulfuric acid, and also manufactures and markets fungicides and foliar fertilisers for agriculture.

ISUSA is the only producer of sulfuric acid and calcium superphosphate in the country; all other fertilisers and chemical products it makes from blends or imports. Four plants, placed at Ciudad del Plata (San José), Nueva Palmira (Colonia), Agraciada (Soriano), and Melo (Cerro Largo), give it strategic reach across Uruguay’s main farming regions.

In 1997 ISUSA acquired 100% of Fanaproqui S.A., through which it sells fungicides and foliar fertilisers; it also has subsidiaries in Paraguay and Brazil to support export sales. The group describes itself as having four plants, more than 300 staff, its own laboratory and research capability, and a focus on sustainable development.

Who owns it

ISUSA’s share capital is one billion registered shares, each with a face value of UYU 1 (≈ USD 0.025 at the current rate), all enrolled in the Banco Central del Uruguay’s securities register and traded on both the BVM and BEVSA. Uruguayan disclosure rules require a company to name only shareholders above 10% of the integrated capital, and the Moody’s Local credit-rating report filed on the BVM (September 2022) — the most recent primary source that names shareholders — states that the sole shareholder above that threshold is Fundación Williams, holding 37.17%, with the remainder in free float.

The identity of any other significant block-holder is not published in available exchange or regulator filings.

Who runs it

The General Manager (the equivalent of CEO) is Chemical Engineer Gustavo Barreto, confirmed on the company’s own “Sobre ISUSA” page and in the 2024 Memoria y Balance General published on isusa.com.uy. The 2024 Memoria names Cr.

Gerardo Martínez at the head of the board list, consistent with the statutory role of board chair (Presidente del Directorio). A “Hecho Relevante — Cambio Personal Superior” (material fact: senior-management change) was filed with the BVM on 1 July 2025, and a board-composition change was notified on 30 April 2025; the names involved in those changes are not disclosed in the available filing text.

The money, in plain words

Not published: the annual accounts for FY2024 (year ended 31 December 2024) were filed with the BVM on 31 March 2025 and the Memoria y Balance was published on isusa.com.uy; however, the PDFs could not be parsed by automated means, and no search result surface the specific revenue or profit line items. The BCU’s institution page for ISUSA (nroinst=7123) requires scripting to load and returned no financial data.

Uruguay’s Ley 16.060 and BCU securities-market regulations require listed companies to file audited annual accounts and a memoria anual; ISUSA demonstrably complies (filings appear on BVM on schedule), but the figures inside those documents are not reproduced in any publicly available indexed source this search could read.

The best available audited figures come from a September 2022 Moody’s Local Uruguay credit-rating report filed on the BVM: the company carries a low level of debt and good financial flexibility from its demonstrated access to local capital markets and bank credit. At that date, consolidated net sales ran at roughly USD 173 M for the trailing 12 months to mid-2022, equity stood at USD 82 M, and total financial debt was USD 26 M — giving a debt-to-equity ratio of about 0.32, conservative for an industrial company.

A 2019 operational restructuring allowed the company to gain cost efficiency, improve profit margins, and recover competitiveness. Dividends have been paid every year since at least 2021, per BVM filings.

What it is doing now

On 31 January 2025 ISUSA filed a “Hecho Relevante — Proceso de Reestructura” (material-fact: restructuring process) with the BVM — the most significant recent disclosure — though the detail of that restructuring is not described in the publicly indexed text. A dividend was paid in May 2025 and a board change was notified on 30 April 2025.

On the operational side, ISUSA recently completed a capacity-expansion project at its Ciudad del Plata plant, adding a new sulfur furnace and heat-recovery boiler to raise sulfuric acid output — a project carried out with Uruguayan engineering firms TFU and CIR Industria Metalúrgica, per LinkedIn filings from those contractors.

What to watch

• The 2025 restructuring. The January 2025 filing signals something material is changing inside the business. Investors should watch for the 2025 full-year accounts (due ~March 2026, already filed per BVM) and the 2026 Memoria Anual (filed April 2026) for clarity on scope and cost.
• Commodity price exposure. The regional fertiliser market has no tariff protection, so ISUSA competes against products that are sometimes subsidised or subject to lighter regulation, which can erode the domestic producer’s advantage.
• Fundación Williams. A foundation controlling 37% of a listed company is an unusual structure. Any shift in the foundation’s mandate or governance could move the free float significantly.
• Bond refinancing. Total bond debt is reported at approximately USD 130 M across several series; upcoming maturities and the terms of refinancing will determine how much of future cash flow remains available to shareholders.

This is news, not investment advice.