Context: How Bolsa de Valores de El Salvador works, and what it makes issuers disclose · El Salvador on the LatAm Power Map
A small Salvadoran company with a tightly focused job: own the buildings, vehicles and equipment that the SigmaQ packaging empire needs to run, lease them back, and lend money to related businesses — then fund itself cheaply through El Salvador’s public bond market.
| Key Facts | |
|---|---|
| Full name | Inmobiliaria Mesoamericana, S.A. de C.V. |
| Ticker / exchange | INMOMESO.SV — Bolsa de Valores de El Salvador (BVES); listed debt instruments only (PBIMSA01, PBIMSA02, PBIMSA03) |
| Headquarters | Boulevard del Ejército Nacional, Km 8½, Ilopango, San Salvador, El Salvador |
| Sector | Real estate / leasing / intra-group lending (Services) |
| Employees | ~10 (2025, EMIS) |
| Market value | Not applicable — no equity shares listed; outstanding listed debt ≥ $20 M (face value, PBIMSA series) |
| Yearly revenue | Not disclosed in full in available sources; operating income drives results (see below) |
| Net profit (FY 2023) | $1.972 M |
| Net margin | Not calculable without disclosed revenue figure |
| Return on equity (ROE) | 12.8% (FY 2023); return on assets (ROA) 3.9% |
| Price-to-earnings | N/A — equity not publicly traded |
| Dividend yield | N/A — equity not publicly traded; bond coupons vary by series |
| Credit rating | “EA” financial strength / “A+” guaranteed long-term / “A” unsecured long-term (PCR, June 2024, Stable) |
| Website | Not disclosed by company |
What it is
Inmobiliaria Mesoamericana was set up in February 2012 to buy real estate, vehicles, machinery and land and then rent them out — its core activity is leasing property and assets, including to industrial clients. Its growth is deliberately tied to SigmaQ’s operations, and beyond leasing it also makes working-capital loans to related companies and to outside borrowers.
Its main clients are related companies with which it holds long-term lease contracts; for third-party credit, it targets businesses with annual sales above $1 million that need financing between $50,000 and $3 million. To raise that money at low cost, the company has tapped El Salvador’s capital markets since 2013 through successive issues of short- and long-term commercial paper.
Who owns it
Inmobiliaria Mesoamericana is a member of the LAKI corporate group — Latin American Kraft Investment Inc. and Subsidiaries — a business with more than fifty years of experience in the packaging industry, with twelve business units and eight sales offices across the Americas, the Caribbean and Asia. LAKI itself is owned by SigmaQ Packaging S.A. (85.3%), Sigma S.A. de C.V.
(7.35%), and Polímeros y Tecnología S.A. (7.35%).
Within LAKI, Inmobiliaria Mesoamericana sits inside the Casa de Oro Q corporate group, which is the financial arm of the LAKI/SigmaQ constellation. No free float exists: the company raises public money through bonds, not shares, so there is no equity free float to speak of.
Who runs it
The board registered with the Bolsa de Valores lists Álvaro Ernesto Guatemala Cortez as Director Presidente, Oscar Armando Calderón Arteaga as Director Secretario, José Roberto Matamoros Zelaya as Director Pro Secretario, and Alejandra Yarhi Deneke as Directora Suplente. A separate CEO or CFO title is not disclosed in available sources.
Credit decisions go through an approval committee that includes the board president, the legal director and the financial executive — a lean structure fit for a company of roughly ten people. External auditors for the most recent period were UHY Asesores & Consultores.
The money, in plain words
Net profit for the year ended December 2023 came to $1.972 million — a drop of 35.6% from $3.064 million in 2022, but the 2022 figure was inflated by a one-off upward revaluation of assets to fair value, not recurring operating earnings. Stripping that out, the underlying business remained steady.
For every dollar of owners’ equity, the company earned about 12.8 cents in 2023 — a return on equity (ROE) of 12.8%, and a return on total assets (ROA) of 3.9%; both sit just below the company’s own 2019–2021 historical average of 13.1% ROE and 4.7% ROA. The loan book — the money lent out — reached $28.3 million at year-end 2023, up 17.9% in a single year, with just over half going to related SigmaQ companies and the rest to outside clients.
The company is moderately leveraged: borrowings run at 2.3 times equity, down from 2.6 times the year before, and financial debt makes up 69.3% of total funding — both ratios trending in the right direction.
What it is doing now
As of June 2024, credit rating agency PCR reaffirmed its ratings with a Stable outlook — “EA” for overall financial strength, “A+” for guaranteed long-term paper and “A” for unsecured long-term paper — based on audited figures through December 2023. The company had been pursuing authorisation from El Salvador’s financial regulator (the SSF) for a third series of commercial paper (PBIMSA03) worth up to $20 million, expanding its funding base beyond the first two series.
The broader El Salvador real-estate market that surrounds the company generated over $1.99 billion in property transfers in 2024, with construction the fastest-growing segment of GDP in 2023 at 17.9%. That tailwind benefits Inmobiliaria Mesoamericana’s asset values, but its real driver remains the health of SigmaQ’s industrial operations.
What to watch
- The financial position of SigmaQ — Inmobiliaria’s dominant client — is the single biggest variable; any pressure on SigmaQ from raw-material cost swings flows directly into Inmobiliaria’s rental and loan income.
- The loan book grew nearly 18% in 2023, with third-party lending up 89%; how that new client base performs through a credit cycle is the key emerging risk to watch.
- Debt refinancing: the PBIMSA commercial-paper series have staggered maturities; rolling them over at acceptable rates depends on the company’s credit ratings staying intact — making the PCR annual review a calendar event that matters.
- El Salvador’s property market is posting 12% annual growth in registrations, with capital-value gains of 5–8% per year in premium districts; rising asset values support the balance sheet but also raise the replacement cost of any new assets the company needs to buy.
Sources
- Bolsa de Valores de El Salvador — Inmobiliaria Mesoamericana issuer directory page (board, address, risk rating)
- Bolsa de Valores de El Salvador / PCR — Full rating report, Comité 51/2024, FY2023 financials (net profit, ROE, ROA, loan book, leverage)
- PCR Pacific Credit Rating — Press release, June 30 2024 (rating reaffirmation, company background, founding date)
- Bolsa de Valores de El Salvador / PCR — Earlier rating report, June 2021 (Casa de Oro Q group structure, LAKI ownership)
- LAKI / SigmaQ — Consolidated interim financial statements, December 2025 (LAKI ownership breakdown: SigmaQ Packaging 85.3%, Sigma S.A. 7.35%, Polímeros y Tecnología 7.35%)
- Market data: EODHD (no financials available for this issuer).
This is news, not investment advice.
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