Inversora Juramento SA

What it is

Inversora Juramento is an Argentine cattle farming, beef production and processing company whose main activities run from raising and fattening cattle through to slaughtering, butchering, and distributing beef both wholesale and through its own retail butcher shops. Through subsidiaries it controls Frigorífico Bermejo SA (its slaughterhouse), Macro Warrants SA, and Comercio Interior SA.

Located in Salta province, it operates in Joaquín V. González and runs roughly 114,000 hectares of land, with around 70% of its fields devoted to cattle.

Each winter its feedlot fattens up to 80,000 animals; the total herd reaches 120,000, and it slaughters an average of 110,000 animals a year.

With a USD $15m investment in its processing plant through mid-2025, the company is pushing into vacuum-packed, branded beef exports under its Cabaña Juramento label, targeting high-value markets including the United States, Asia, and Israel.

Who owns it

Inversora Juramento is controlled by the Brito family, who are also the majority shareholders of Banco Macro, one of Argentina’s largest private banks — a connection that gives the company privileged access to credit. Rava Bursátil’s filings cite the Brito family’s stake at approximately 99.78% of the company.

Structured data shows 15% of shares held by institutional investors, suggesting a modest tradeable float.

The board is chaired by Jorge Brito (son of the late founder), with Marcos Brito as vice-president. The company was founded by Jorge Horacio Brito (senior), who died in November 2020.

Who runs it

The chief executive is Miguel de Achaval, appointed in 2022; he brings deep sector experience, having previously served as CEO of Swift Argentina. The full board includes directors Santiago Seeber, Claudio Cerezo, Luciano Rosasco, Carlos Videla, and Gabriel Delgado.

A CFO is not disclosed in available public sources.

The money, in plain words

Sales have grown at a rapid pace: from ARS 13.8bn (US$9 mn) in 2021 to ARS 84.3bn (US$58 mn) in 2023 — a gain of roughly 510% over two years — though Argentina’s high inflation means much of that rise reflects price levels rather than more cattle sold (our calculation). On the most recent trailing twelve months, the company keeps about 9 cents of profit from every peso of sales — a net profit margin of 8.89% — which is acceptable for a capital-heavy meat producer but not generous.

For every peso shareholders have put in, it earns back about 10 cents a year — a return on equity of 9.62% — adequate but not exceptional given Argentina’s inflation environment. The balance sheet holds ARS 97.1bn (~$66.5m USD) in equity against ARS 67.6bn (~$46.3m USD) in liabilities, a leverage ratio of roughly 0.7× debt to equity (our calculation) — meaning it owes less than it owns, which is a reassuring position for a land-and-cattle business that borrowed heavily to grow.

The 2023 annual accounts showed a net loss of ARS 2.3bn (US$2 mn); the TTM figures have since recovered to a net profit of ARS 33.9bn (~$23.2m USD), suggesting the investment cycle is beginning to pay off. The company pays no dividend at present.

What it is doing now

In September 2025, Juramento acquired Pallaro Hermanos S.A.C.I.F. for USD $56.4m, adding 24,000 hectares and 16,000 head of cattle in Salta — its largest single land purchase in recent memory.

That same month it raised USD $30m in a two-year, 9%-per-year dollar-denominated bond issue to fund working capital, primarily the cost of cattle in various stages of fattening.

The Pallaro acquisition strengthens the early stages of the supply chain — breeding and growing young cattle — and deepens the company’s vertical integration from grass to plate.

What to watch

• Export ramp-up: Analysts expect the completion of its investment plan and the rollout of its premium vacuum-packed export programme to reverse the margin pressure seen in recent annual results from 2026 onward.
• Debt profile: The company’s stated goal is to lengthen its debt maturities and shift borrowing into dollars, aligning its liabilities with its dollar-earning export revenues.
• Brito family concentration: With the family holding nearly the entire company, minority shareholders have limited voice; any governance or succession change inside the Brito group would flow directly here.
• Argentina macro risk: Revenue, costs and the share price are all denominated in Argentine pesos; persistent inflation and exchange-rate volatility remain the largest variables outside management’s control.

This is news, not investment advice.