Industrias Oleaginosas S.A.

What it is

Industrias Oleaginosas S.A. operates in the agro-industrial sector of Bolivia and is primarily engaged in the production of cooking oils, flour, and lecithin. It is an agro-industrial company dedicated to the milling of soybean and sunflower grain and the sale of by-products of both grains in national and international markets.

Industrias Oleaginosas SRL was born in Santa Cruz de la Sierra as the first oil-processing company in Bolivia. First exports of soybean meal went to Peru in the 1970s, and the industrial plant was later relocated to its present site in the Parque Industrial of Santa Cruz.

Its consumer brands — Rico, Rico Light, and Girasol — are household names in Bolivia. It has also introduced Agrofix, an agricultural oil for crop-spraying, the only such product manufactured in Bolivia.

Who owns it

Tatiana Marinkovic holds 97.77% of the shares, making her the dominant shareholder; the remaining roughly 2.2% is split among family members Sergio Pedrotti (0.99%) and Natasha Pedrotti Marinkovic (0.98%), with a residual held by Thalia Pedrotti Marinkovic (0.24%). There is no meaningful free float — the company is a bond issuer on the BBV, not an equity issuer.

The family’s roots trace to Silvio Marinkovic and his wife Radmila Jovicevic, who arrived from Yugoslavia (present-day Croatia and Montenegro) and began processing oilseeds in Ascención de Guarayos. Industrias Oleaginosas SRL was later converted into a corporation (Sociedad Anónima), a step that enabled its eventual entry into the bond market.

Who runs it

As of the most recent BBV ficha (January 2026), the senior management team is: Thalia Pedrotti Marinkovic as Administration and Marketing Manager; Blazo Jovetic as Agricultural Department Manager; and Marioly Erlwein Alvarez as Finance Manager (CFO equivalent). Sergio Leonel Pedrotti holds the title of General Manager (CEO equivalent), and Tatiana Marinkovic de Pedrotti serves as President of the Board.

Tatiana Marinkovic, a Chemical Engineer from the University of Zagreb, has served as Board President since 1996 and has worked in the company since 1983, primarily in administration and finance. Leadership is thus entirely within the founding family’s immediate circle, a structure common in Bolivia’s agro-industrial sector.

The money, in plain words

Not published: IOL’s annual revenue, net profit, net margin, return on equity, and price-to-earnings ratio are not available in open public sources. The BBV’s listed-issuer ficha (bbv.com.bo, as at 31 January 2026) and the ASFI regulatory page (appweb.asfi.gob.bo) publish governance and bond data but do not display income-statement figures.

EMIS holds the data behind a commercial paywall. Under Bolivia’s securities law (Ley del Mercado de Valores No. 1834 and ASFI Reglamento de Emisión de Valores), bond issuers must file audited annual financial statements with ASFI and the BBV, but these are not currently accessible through the public-facing web portals without direct contact with the exchange or regulator.

The most recent credit-rating report available publicly (PCR, 2016) showed a net profit of BOB 23.87 million (~US$2.4 m) for the 12 months to March 2016, with an ROA and ROE that averaged 0.40% and 1.33%, respectively, between 2011 and 2014 — historically thin margins for a commodity processor exposed to volatile soybean prices and high input costs.

IOL has issued several tranches of bonds totalling BOB 262 million (~US$26.6 m) across its IOL II programme, with maturities stretching to May 2027, at coupon rates between 4.50% and 5.75%. Its authorised capital stands at BOB 1,140,400,000 (~US$115.8 m), suggesting significant headroom to grow the equity base if needed.

What it is doing now

In August 2024, IOL convened a General Assembly of Bondholders for its IOL II – Emisión 1 programme, with 80% of the outstanding bond value represented — a sign that bondholder relations remain active and that obligations under the programme are being managed. The sector around IOL is growing: in 2024 Bolivia’s oilseed industry exported close to US$1 billion, and by April 2025 had already accumulated 1.9 million tonnes of grain.

Six oilseed processors control roughly 85% of Bolivia’s soybean by-product output, and IOL is one of them — a market structure that offers pricing power but also regulatory attention. About 80% of the soybean meal the industry produces goes to export, with the remaining 20% supplying Bolivia’s domestic livestock sector.

What to watch

• Bond refinancing (May 2027): The longest-dated IOL II tranche matures in May 2027. How IOL refinances — and at what cost — will reveal the market’s current view of its credit quality.
• Soybean price volatility: Soybean is a global commodity whose price is set on the Chicago exchange, so IOL’s margins rise and fall with harvests in Brazil and Argentina as much as with its own operations.
• Bolivia’s dollar shortage: Bolivia has faced acute foreign-exchange constraints since 2023, complicating import payments for inputs and export-receipt conversions — a structural risk for any Bolivian exporter.
• Succession and governance: With all equity and all senior roles inside one family, the quality and continuity of governance hinges entirely on family cohesion — a concentration of risk that bond investors should price carefully.
• Financial transparency: IOL’s audited financials are legally required to be filed with ASFI and the BBV under Bolivia’s Ley del Mercado de Valores No. 1834, but are not readily accessible online. Investors seeking revenue and profit data should contact ASFI’s Dirección de Supervisión de Valores directly.

This is news, not investment advice.