Ingeniería y Construcciones Técnicas Incotec S.A.

What it is

Incotec started work in 1968 in Santa Cruz de la Sierra as a civil-engineering and construction firm covering sanitation, roads, industrial plants, concrete and steel structures, and — its speciality — deep foundations and geotechnics, using advanced technologies unique to Bolivia.

Its five lines of business are: deep and specialist foundations, infrastructure construction, reinforced-concrete structures, engineering consultancy, and geotechnical quality control. In plain terms, Incotec is the company you call when the ground beneath a project is too tricky for ordinary builders — it installs the deep piles and studies the soil that everything else rests on.

It deploys specialised techniques such as Expander Body piles and FDP driven piles for precise, safe and efficient foundations, using digital monitoring to optimise every bore and ensure structural stability.

Among its landmark projects are the Torre Empresarial MSC, the Patio Design Lifestyle Center, Manzana 40 Plaza Empresarial, the World Trade Center Santa Cruz, Playa Turquesa, the Hotel Sheraton, Hotel Novotel, Torre Platinum II, Hotel Marriott, the Puentes Trillizos in La Paz, the Aurora, Isiboro and Sasama bridges in the Chapare, the Santa Cruz–Porongo bridge, the Bulo Bulo ammonia and urea plant, and the Warnes thermoelectric plant.

Who owns it

In 1968, Engineer Mario Terceros Banzer founded Incotec S.A., and the company has since taken part in Bolivia’s principal infrastructure works over more than half a century of history. The Terceros family remains the founding controlling interest; the exact ownership percentage and any free float are not disclosed in available sources.

The Bolivian stock exchange has seen only two entities ever issue variable-income equity; the remaining listed companies, including Incotec, raised capital through bonds, promissory notes, and similar fixed-income instruments. Incotec’s presence on the BBV is therefore entirely through its bond programme, not through public equity — there is no traded share and no public free float.

Who runs it

The current Gerente General (chief executive) is not disclosed in available open-access sources as of the date of this profile. The Vice-President of Finance is Ángel Héctor Quiroga Quirós, a chemical engineer from the Universidad Autónoma Gabriel René Moreno with an MBA from Universidad Nur; he joined in 2001 as Finance Manager, served as General Manager from June 2016 to February 2018, and has held the VP Finance role since February 2018.

The Finance and Administration Manager is Arturo Payo Añez, a public accountant from Córdoba, Argentina, with an MBA. The Engineering Manager is Bernardo Vidal Álvarez, a civil engineer from the Universidad Autónoma Gabriel René Moreno.

The money, in plain words

Incotec is not a public equity company in any conventional sense: it raised up to BOB 105 million (≈ US$10.7 million at today’s rate) through fixed-term, redeemable bonds under the Bonos INCOTEC I programme. That is the only publicly traded instrument — a corporate bond, not a share.

Exact annual revenue, net profit, and margin figures are not published in open-access filings or on the ASFI or BBV portals reviewed for this profile; the EMIS commercial database reports revenue growth of approximately 15.91% in 2025 but does not disclose the underlying absolute figure. The company’s market standing lets it set prices on its own terms: its unique technology in several business lines allows it to put forward price conditions that are generally accepted, and any project failing its minimum margin or advance-payment requirements is turned down.

That discipline — walking away from low-margin work — is the clearest public signal of how Incotec manages its profitability.

The bond programme carries a BAA rating from PCR Bolivia, the category for issues of high credit quality with strong protection factors and only modest risk that may vary occasionally with economic conditions.

What it is doing now

In August 2023, Incotec was awarded the foundation work for the new Club Bolívar stadium in La Paz, a project timed for the football club’s centenary and set to become an icon of the city. The project uses Bauer drilling technology — Incotec’s German equipment partner — and entirely Bolivian personnel.

On 4 June 2024, the company replenished the Liquidity Fund associated with its Bonos INCOTEC I bond programme, as required under the bond prospectus’s coverage mechanism. The resources were deposited into the Liquidity Fund account administered by the paying agent, GanaValores Agencia de Bolsa S.A. Timely replenishment matters: failure to restore the fund within 90 days of a coupon payment would trigger a potential default event under the prospectus.

Incotec has also completed the foundations for six grain silos of 10,000 tonnes capacity each at a new processing and storage plant in San Ignacio de Velasco, Santa Cruz, installing more than 1,600 piles and 3,700 m³ of concrete for the structures.

What to watch

• Revenue disclosure. Incotec publishes no open annual report. Any move toward full financial transparency — prompted by bond-market obligations or ASFI pressure — would be the single biggest re-rating event for bond investors.
• Bolivia’s dollar crunch. Bolivia has faced foreign-currency shortages since 2023, raising costs for any firm that imports specialised equipment. Incotec relies on German-brand Bauer machinery; import constraints or a currency devaluation would squeeze margins directly.
• Bond programme rollover. ASFI authorised the Bonos INCOTEC I programme under registration No. ASFI/DSVSC-PEB-ICT-004/2020. Watch for any new bond issuance or renewal terms as existing tranches mature — these will signal whether the capital market still prices Incotec’s paper at BAA or moves it.
• Succession and governance. The current chief executive is not named in public filings. In a founder-family company of this size, leadership continuity is a material risk that bond investors should monitor.
• Agroindustrial pipeline. In the two years to 2023, Incotec executed foundations for grain silos equivalent to 200,000 tonnes of storage capacity. Bolivia’s eastern lowlands are a fast-growing agricultural zone; continued demand from agribusiness clients is the most visible near-term growth driver.

This is news, not investment advice.