NIBOL LTDA.

What it is

NIBOL LTDA. is a Bolivian limited-liability company founded in 1985, dedicated to importing, distributing, and financing trucks, light vehicles, machinery, spare parts, and technical service.

Its brand portfolio spans Nissan, Volvo, UD Trucks, Mack, John Deere, and the Wirtgen Group — making it, by its own account, the most complete machinery company in Bolivia.

It serves three truck-weight segments: medium-tonnage (9–16 tonnes), semi-heavy (16–18 tonnes), and heavy trucks above 18 tonnes. John Deere construction equipment was added in 2008, followed by John Deere agricultural machinery in September 2011, rounding out a portfolio that spans from a Nissan pick-up to a combine harvester to a road-paving train.

Who owns it

NIBOL LTDA. has no state participation among its shareholders; it is wholly private.

As a *sociedad de responsabilidad limitada* — Bolivia’s equivalent of a private limited company — it has no publicly traded equity, so ownership percentages are not required to be filed on the exchange; the controlling partners are not disclosed in available public sources.

Who runs it

The General Manager (CEO) is Carlos E. Paz Gvozdanovic, and the Finance and Administrative Manager is Enrique Armando Guzmán Molina, whose names appear on the PwC-audited 2024 financial statements.

The supreme decision-making body is the Asamblea de Socios (partners’ meeting), which approves financial statements, profit distributions, and any changes to the company’s charter — standard governance for a Bolivian Ltda.

In May 2024, NIBOL appointed Cristian Andrés Solares Muñoz as Regional Manager for La Paz, with effect from 6 May 2024. The ASFI regulatory card also records his appointment as the company’s most recent disclosed executive change.

The money, in plain words

Revenue for the year ended 31 December 2024 was Bs 977.2M (~$99.2M), down from Bs 1,265.5M (~$128.5M) in 2023 — a fall of 22.8% (our calculation), reflecting the squeeze that Bolivia’s dollar shortage put on import-dependent businesses. The company still kept Bs 126.5M (~$12.8M) as net profit, a net margin of 12.9% — healthy for a distributor, though down slightly from 10.4% the year before (our calculation).

The gross margin — what is left after buying the vehicles and machinery it sells — was Bs 295.5M on Bs 977.2M of sales, a gross margin of 30.2% (our calculation), reflecting the pricing power of an exclusive-brand distributor. Return on equity — how hard owners’ money is working — was 13.0% (our calculation: Bs 126.5M profit ÷ Bs 974M equity), solid for a trade business in an emerging market under currency stress.

Total financial debt at year-end 2024 was Bs 377.3M (~$38.3M), split between bank loans and bonds outstanding on the BBV; the debt load is manageable against Bs 974M in equity (a debt-to-equity ratio of 0.39×, our calculation). The partners drew dividends of Bs 40.6M in January 2025, covered comfortably by the Bs 126.5M of earnings — a payout ratio of 32% (our calculation), leaving most profit inside the business.

What it is doing now

In July 2024, NIBOL signed a loan agreement with Banco de Crédito de Bolivia for Bs 27.44M (~$2.8M), its most recently disclosed financing move, likely to support inventory in a market where import dollar access is constrained. Its bond programme — two series rated AA2 (Stable) by PCR as of June 2025 — carries outstanding amounts of Bs 4.1M due August 2026 and Bs 14.6M due March 2026, with refinancing of those near-term maturities the near-term treasury task.

NIBOL also received John Deere’s “World Class Dealer” award, the highest recognition the brand gives globally — a commercial credential that supports its position when competing for large agricultural contracts.

What to watch

• Revenue recovery: Sales fell 22.8% in 2024. Bolivia’s dollar shortage, which crimps import finance, is the single biggest lever on NIBOL’s top line. Any easing of foreign-exchange constraints would show up quickly in truck and equipment deliveries.
• Bond refinancing: Two bond series mature in March 2026 and August 2026; how NIBOL rolls or replaces them will test appetite for Bolivian corporate paper in a tighter macro environment.
• Ownership transparency: As a private Ltda., NIBOL discloses no partner names or stakes. Any move toward incorporation as an S.A. — which would require fuller disclosure — would be a significant governance milestone.
• Brand concentration: Dependence on specific brands limits the company’s ability to adapt if consumer preferences shift; a loss of any major exclusivity agreement (Nissan, John Deere) would be materially damaging.

This is news, not investment advice.