Context: How Bolsas y Mercados Argentinos (BYMA) works, and what it makes issuers disclose · Argentina on the LatAm Power Map
A flour mill founded in Buenos Aires in 1901 has become something stranger and more interesting: a listed Argentine food company that now makes olive oil, oatmeal, pasta, and cake mix — and exports frozen organic fruit — all under a single century-old household name.
| Full name | Morixe Hermanos S.A.C.I. |
|---|---|
| Ticker / exchange | MORI — Bolsa de Comercio de Buenos Aires (BCBA) |
| Headquarters | Buenos Aires, Argentina |
| Sector | Consumer Defensive — Food Products |
| Employees | Not disclosed in available sources |
| Market value (market cap) | ARS 61.5 bn (~US$42.1 m) |
| Yearly sales (revenue, TTM) | ARS 129.6 bn (~US$88.7 m) |
| Net profit (FY2025) | ARS 4.5 bn (~US$3.1 m) |
| Net margin (TTM) | −1.3% (loss-making on a trailing basis; FY2025 was +3.3%) |
| Return on equity (TTM) | −2.2% |
| Price-to-earnings ratio | Not applicable (trailing loss) |
| Dividend yield | None declared in cash; dividend in shares proposed |
| Net cash | ARS 14.9 bn (~US$10.2 m) — no debt reported (our calculation) |
| Website | morixe.com.ar |
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What it is
The company traces its roots to 1901, when Francisco Morixe — a miller since 1895 — and his sons began operating a steam-powered flour mill that became the foundation of an industrial plant built in Buenos Aires in 1914. The company went public in 1961 and has traded on the Buenos Aires stock exchange without interruption ever since.
In recent years it has expanded far beyond flour into a broad range of everyday foods — olive oil, pasta, oatmeal, breadcrumbs, cake mixes, canned olives, and mashed potatoes — reaching 50,000 points of sale across the Mercosur region. Its operating volume has grown more than fifteen times over five years, spread across twelve industrial plants in four Argentine provinces and two other countries.
Who owns it
Sociedad Comercial del Plata (SCP) holds the controlling 78% stake in Morixe, acquired in a transaction worth US$18 million. The deal was effectively a transfer between related parties: Argentine businessman Ignacio Noel is the majority shareholder of both SCP and was, until that moment, the controlling shareholder of Morixe.
Noel had originally acquired Morixe at a judicial auction in September 2017, when the company was in bankruptcy and heavily in debt. The remaining ~22% of shares trade freely on the BCBA, with institutional investors holding roughly 27% of the float per EODHD data.
SCP has stated its intention to keep Morixe publicly listed, as it has been for more than sixty years.
Who runs it
Román Malceñido serves as Gerente General (general manager) of Morixe. Pablo Arnaude is CEO of the controlling parent, Sociedad Comercial del Plata.
Board-level names and a dedicated CFO for Morixe itself are not disclosed in available sources.
The money, in plain words
Morixe’s best year on record was FY2025: it kept about 3.3 cents of profit from every peso of sales — a net profit margin of 3.3% — on revenues of ARS 136.8 bn (~US$93.6 m at current rates), its highest in at least a decade (our calculation). The following year (FY2026) was harder: revenues fell roughly 12% in nominal peso terms (our calculation) and the gross margin — how much is left after the cost of making the food — compressed sharply from 29.0% to 18.2% (our calculation), pushing the bottom line back into a slim loss.
The company itself noted that its first-quarter 2026 net loss does not reflect operational deterioration, but rather financial interest and inflation-adjustment charges; the underlying trading margin actually improved thanks to a higher-value product mix. With no debt reported and ARS 14.9 bn (~US$10.2 m) in cash on the balance sheet (our calculation), the financial structure is sound.
The company also has a natural hedge: its dollar-denominated debt is covered by dollar-linked financial assets and raw-material inventories.
What it is doing now
In October 2024, Morixe terminated its commercial contracts with Lamb Weston Argentina — its former frozen-potato joint-venture partner — receiving US$13 million and exiting the frozen-chips market for at least one year. That frees the brand and balance sheet to redeploy towards higher-margin lines.
Non-flour categories — oils, olives, oatmeal, pasta — now represent more than 25% of Morixe’s total volume sold.
The board has convened a shareholder assembly to consider a capital increase and a dividend paid in new shares rather than cash, a classic move to fund growth while conserving liquidity. The stated medium-term strategy is to keep extending the Morixe brand into products with higher value added, raising the average price per tonne sold.
What to watch
- Margin recovery. The compression from a 29% gross margin in FY2025 to 18% in FY2026 is the single biggest number to track; any reversal would sharply swing the net result back into profit.
- Non-flour mix. Management has set 25% of volume from non-flour products as a floor. How fast that share grows — and at what margin — determines whether the brand-extension bet pays off.
- Parent SCP. SCP itself is listed in Buenos Aires under the symbol COME and is a member of the benchmark Merval index; any stress at the parent level would reach Morixe quickly given the 78% ownership.
- Argentine macro. Inflation-adjustment accounting and peso depreciation will continue to obscure the true operating trend; watch gross margin in constant prices, not headline revenue growth.
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Sources
- Sociedad Comercial del Plata — official press release on Morixe acquisition (scp.com.ar)
- SCP investor page — Morixe subsidiary profile (scp.com.ar)
- Infobae — SCP acquires Morixe for US$18 m (July 2023)
- Infobae — Morixe exits Lamb Weston, receives US$13 m (October 2024)
- iProfesional — Morixe capital increase and strategy update (April 2025)
- Wikipedia (es) — Morixe Hermanos S.A.C.I. — corporate history
- Market data: EODHD.
This is news, not investment advice.
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