Context: How Latinex works, and what it makes issuers disclose · Panama on the LatAm Power Map
Panama Power Holdings turns mountain rivers in Panama’s western highlands into electricity — and steady cash — for a country that runs almost entirely on water power. Sixty-one people run an asset that serves a whole nation.
| Full name | Panama Power Holdings, Inc. |
| Ticker / exchange | PPHO — Bolsa Latinoamericana de Valores (LATINEX), Panama |
| Headquarters | Capital Plaza, Piso 12, Costa del Este, Panama City, Panama |
| Sector | Renewable energy — independent hydroelectric power generation |
| Employees | 61 (2024) |
| Market value (market cap) | ≈ $133M (our calculation: 16.6M shares × $8.00 share price, June 2026) |
| Yearly sales (revenue) | $55.4M (FY 2024, audited; source: Fitch Ratings / PPH) |
| Net profit (pre-tax) | $14.1M (FY 2024) |
| Net margin (TTM) | ≈ 19% (our calculation: TTM net income ~$9.5M / TTM revenue ~$48.5M) |
| Return on equity | Not calculable from available sources |
| Price-to-earnings (P/E) | 14.0× (TTM, as of May 2026) |
| Dividend yield | 5.51% (as of mid-2026) |
| Credit rating | A-(pan), stable — Fitch Ratings (August 2025) |
| Website | www.panamapower.net |
What it is
Panama Power Holdings, Inc. (PPH) operates and develops renewable energy projects through its subsidiaries, with the main objective of building and running energy plants in Panama while staying open to complementary opportunities in the region. Its four operating plants — Pedregalito 1 (20 MW), Pedregalito 2 (12.5 MW), Cochea (15.7 MW), and El Alto (72 MW) — all sit in Chiriquí province in western Panama.
The group has since expanded to a total installed capacity of 131.1 MW of hydro, adding a 9.9 MW solar plant and a 1 MW mini-central that entered service in 2024, their first full year of operation. Together those assets make PPH one of the more diversified independent renewable generators in the country.
Who owns it
Patrick Kelly and Emanuel González-Revilla are the co-founders of Panama Power Holdings. Panama Power Holdings, Inc. lists Patrick P.
Kelly as its registered representative with the national securities regulator. The exact ownership percentages held by the founders and the free float are not disclosed in available sources; the shares trade on LATINEX under the ticker PPHO.
Who runs it
Patrick Kelly serves as Chairman of the board; Guillermo O. Chapman III is Vice Chairman and Treasurer; Juan Ramón Brenes S.
is Secretary. Other directors include Andrea Liberman, Barbara Hemmerle Gollust, Jack Btesh, Jaime Alemán H., Juan Carlos Serrano V., Rogelio G.
Miró, William Kelly, Alberto Harrouche, and Emanuel González-Revilla L. The names of a separate CEO and CFO are not disclosed in available sources; the company is managed under a contract held by an entity controlled by Kelly and González-Revilla, signed in June 2008 and responsible for all operational and financial management of PPH.
The money, in plain words
PPH brought in $55.4M in revenue in 2024 — up 4.1% from $53.2M in 2023 (our calculation) — after a particularly strong year for rainfall on its river catchments. The company generates roughly $31M in annual cash earnings before debt costs and taxes, and carries total debt of about $140M as of 2024, a level Fitch projects at around 4.4 times those annual cash earnings.
On the stock market, investors are paying about 14 times annual earnings for a share — a price-to-earnings ratio of 14.0×, which is 24% below PPH’s own ten-year median P/E of 18.4×. The dividend yield is 5.51%, meaning the stock pays shareholders about 5½ cents a year for every dollar invested — generous for a small utility.
The forward dividend yield is even higher, at 7.34%.
What it is doing now
The 2024 results benefited from very favourable hydrological conditions and the first full year of combined solar-and-mini-central operation, lifting the cash-earnings margin to 64% of revenue (2023: 57%). In August 2025 Fitch affirmed PPH’s national credit rating at A-(pan) with a stable outlook — the same grade it holds for the subsidiary Hydro Caisán — citing the competitive, lightly regulated structure of Panama’s power sector and an expectation that state intervention will continue to decline.
Heading into 2025, revenue fell roughly 15% in the third quarter compared with the year-earlier period, reflecting the company’s key vulnerability: when the rains ease, so does income. Fitch projects 2025 revenues of about $49M as hydrology normalises.
What to watch
- Rain or shine. Two factors dominate PPH’s financial results: hydrology and spot energy prices. A dry season — or an El Niño year — can sharply cut generation and revenue.
- Debt clock. With $140M of debt against $55M in revenue, PPH’s balance sheet is leverage-heavy. Fitch expects annual debt repayments of about $9.5M, which should gradually reduce that load.
- Portfolio growth. The company’s own stated ambition is to expand beyond its four river plants. Whether a fifth project emerges — hydro, solar, or otherwise — is the strategic question investors are waiting on.
- Float and liquidity. With only 61 employees and a market value of roughly $133M on a thin-traded local exchange, the stock is illiquid by global standards; pricing can move sharply on small volumes.
Sources
- Fitch Ratings / Panama Power Holdings — Hecho de Importancia (Rating Affirmation, 26 August 2025), filed via Global Bank, Panama — primary source for all 2022–2024 audited financial data, debt structure, and credit rating.
- Panama Power Holdings, Inc. — Board of Directors (company investor-relations page) — source for board names and chairman.
- Panama Power Holdings, Inc. — About Us (company page) — source for founding year (2007), plant portfolio, and strategy.
- Superintendencia del Mercado de Valores (SMV) — Panama Power Holdings, Inc. issuer page
- AS/COA — Emanuel González-Revilla speaker bio — source for co-founder identification.
- GuruFocus — PPHO P/E ratio and dividend yield data
- PitchBook — Panama Power Holdings market cap and shares outstanding
- Market data: EODHD.
This is news, not investment advice.
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