Quimipac S.A.

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What it is

Quimipac S.A. is an Ecuadorian specialty chemicals distributor and services company, part of the CORPAC CORP group, and has been active in Ecuador for more than fifty years — beginning operations in the 1970s. Since 1993, it has run a dedicated Oil Field Chemical Solutions unit, supplying treatment chemicals and on-site technical support to the oil industry.

The company’s formal mandate covers the import, export and commercialisation of all manner of chemical products, as well as the sale of machinery and integrated services to sectors including energy, petroleum, mining, construction, agro-industry, aquaculture and water treatment. Its wholesale catalogue includes aniline, printing inks, essential oils, industrial gases (oxygen), chemical adhesives, dyes, synthetic resins, methanol, paraffin, flavourings and soda.

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Who owns it

QUIMIPAC S.A. and its sister firm HYDRIAPAC S.A. together form the CORPAC CORP group, focused on energy, industrial and water sectors in Ecuador and Peru. The exact percentage ownership of each shareholder within CORPAC CORP is not disclosed in available sources.

The group traces its roots to the 1970s, beginning with CIPAC Ltda. in Quito, and then establishing QUIMIPAC in Guayaquil two years later.

The company was formally incorporated on 4 February 1972. The controlling family or individuals behind CORPAC CORP are not disclosed in available public sources.

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Who runs it

The names of the chief executive, chief financial officer and board chair are not disclosed in available public sources — the company’s exchange filings and rating reports reference “the management” and “company executives” without naming individuals for QUIMIPAC S.A. specifically. The company’s own site records that in February 2025, client Andes Petroleum Ecuador Ltd. and PetroOriental S.A. awarded QUIMIPAC a formal recognition for performance in its service areas.

The company employs 81 people (2024 figure). The Oil Field Chemical Solutions unit — launched in 1993 — is staffed with on-site technical specialists who work directly at oilfield locations.

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The money, in plain words

Quimipac is a small but stable business — $14.78M in sales in 2024, up roughly 5% from $14.10M in 2023 (our calculation: +4.84%), driven in part by a one-off petroleum block concession. Rating analysts had projected 2024 revenue growth of 9.40% versus 2023, and the actual result came close.

It keeps less than 1 cent of profit per dollar of sales — a net profit margin of 0.69%, thin even for a distributor — because its costs are heavy and it carries meaningful financial debt.

Equity covers about 23–24% of its asset base, meaning roughly three-quarters of everything the company owns is financed by creditors rather than owners. Its current ratio — the ability to meet short-term bills with short-term assets — has stayed above 1.0 throughout the period analysed, meaning it can cover its near-term obligations.

The bonds it issued on the Guayaquil exchange carry a top-tier AAA– credit rating, reflecting that it has never missed a payment on its debt securities.

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What it is doing now

In January 2026, the Bolsa de Valores de Guayaquil’s risk committee reaffirmed the AAA– rating on Quimipac’s Fourth Long-Term Bond Emission, a $2.0M issue placed in 2023 at a 9% annual coupon. By July 2025, only $702,595 of that bond remained outstanding, meaning Quimipac has repaid nearly two-thirds ahead of maturity — a sign of healthy cash generation at the operating level even as headline net profit is tight.

Revenues fell roughly 12% in the eleven months to November 2025 versus the same period of 2024, as the one-off block-concession income that boosted 2024 did not repeat. Management told the exchange’s bondholders’ representative that no material events affecting the company’s legal, economic or financial position were pending as at the August 2025 reporting date.

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What to watch

• Revenue without the windfall. The 2024 bump came from a petroleum-block concession that is not recurring; holding sales flat — let alone growing them — in 2025–26 is the real test of the underlying franchise.
• Margin recovery. A net margin of 0.69% leaves almost no buffer. Any cost pressure — chemical import prices, freight, or currency moves in supplier markets — squeezes profits to zero.
• Leverage. The ratio of total liabilities to equity stood at 3.25× at end-2024, high for a company of this size, though the rapid repayment of the bond issue is a positive signal.
• Ownership transparency. The controlling structure behind CORPAC CORP is not public; any change in group ownership or related-party arrangements would be the key corporate-governance event to watch.
• Oil-sector dependence. The Oil Field Chemical Solutions division has been Quimipac’s growth engine since 1993; Ecuador’s oil-production trajectory and its relationship with operators like Andes Petroleum directly shapes the company’s revenue ceiling.

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This is news, not investment advice.