Procorp S.A.B. de C.V

What it is

Procorp was incorporated in 1986 as a SINCA — a regulated Mexican vehicle designed to invest patient, long-term capital in smaller private companies — and began operations at the end of 1987. It is a Mexico-based investment company whose core purpose is holding stakes in small and medium enterprises and providing financial and advisory support for their growth.

It operates through subsidiaries including Procorp.com SA de CV, Inmobiliaria Exacom SA de CV, Operadora Educativa Exacom SA de CV, and Estudios Superiores Procorp SAPI de CV. The company has deliberately narrowed its focus to education — running schools at primary, secondary, upper-secondary, and university level across multiple Mexican cities — while remaining open to other mid-sized businesses that need long-term funding.

The shares have been listed on the Bolsa Mexicana de Valores since November 1994. The BMV’s own filing records show the company converted from a SINCA to a full Sociedad Anónima Bursátil (SAB) — a publicly listed corporation — in 2015, its current legal form.

Who owns it

Insiders — the controlling group — hold about 39.6% of the company, according to EODHD data; institutional investors hold 0%, leaving the remaining roughly 60% as the public float, though daily trading volumes are very thin (around 2,500 shares). The BMV filing confirms the share series A is suspended, meaning only the series B shares trade actively.

The specific identity of the controlling family or entity behind the 39.6% insider block is not disclosed in available primary sources beyond the board itself; no filing names a single majority shareholder by percentage. The investor-relations contact, per the BMV, is C.P.

Rafael Terrazas at the operational holding company Proequity.

Who runs it

The BMV’s listed-company filing names Lic. José Madariaga Lomelín as both President of the Board of Directors and General Director — he holds both the executive and governance chair roles simultaneously.

C.P. Rafael Terrazas Zúñiga serves as Director of Administration and Finance, the equivalent of CFO, and is the company’s official investor-relations contact.

The Board’s secretary is Ing. Everardo Mauricio Santoveña Díaz; both he and Madariaga Lomelín are classified as patrimonial (non-independent) directors, meaning they represent ownership interests rather than outside voices — a common but noteworthy governance feature for a company this size.

The money, in plain words

Procorp turns MXN 397 million (~USD 22.7m) a year in revenue, but keeps only about 2 cents of profit from every peso of that — a net profit margin of 2.11%, thin even by investment-holding standards. For every peso shareholders have put in, the company earns less than one centavo back a year — a return on equity of just 0.65%, well below Mexican inflation, which means the business is currently destroying real value.

The whole company is valued by the market at MXN 290 million (~USD 16.6m), which is actually less than its annual revenue; that suggests investors assign very little premium to the portfolio’s future earnings. There is no P/E ratio to quote — earnings per share are negligible or negative — and the company pays no dividend.

What it is doing now

The most recent available data shows a net sales revenue increase of about 12% in the latest reporting period through Q3 2025. Over the same period, total assets grew by roughly 41% — a striking jump for a company of this size, though the underlying cause (a new school acquisition, a revaluation, or a change in accounting scope) is not specified in available public filings.

Procorp operates as a Sociedad de Inversión de Capitales, with its core activity being investment in the capital of small and medium-sized companies. By law, the company itself is restricted from having its own staff; all operations are managed by a designated operating company, which carries the employment relationships.

What to watch

• Asset growth disclosure. A 41% jump in total assets with no public explanation is the single most important thing to track; the next quarterly filing should clarify whether this is organic school expansion, a new acquisition, or a reclassification.
• ROE trajectory. A return on equity of 0.65% is barely above zero; any sustained improvement — or further deterioration — will signal whether the education portfolio is gaining or losing ground.
• Governance concentration. The same person chairs the board and runs the company, and both named directors are non-independent. Any move to add independent directors would be a positive signal for minority shareholders.
• Liquidity risk. With average daily volume around 2,500 shares, any meaningful buyer or seller moves the price; this is a stock for patient, long-horizon investors only.

This is news, not investment advice.