Guatemalan Companies with the Highest Growth in the Last Five Years

Business growth in Guatemala has been driven by companies expanding their market presence, modernizing their operations, and investing in infrastructure and human talent. Over the past five years, Walmart Guatemala, Cementos Progreso, and Agencias J.I Cohen have stood out for their adaptability and leadership within their respective sectors.

These Guatemalan companies have significantly increased their domestic and international footprint, contributing strongly to the economy through job creation and sustainability efforts.

Walmart Guatemala: Record Investment and Modernization

Walmart Guatemala has been one of the most dynamic contributors to the country’s business growth. In May 2024, the company announced a record investment of $700 million over five years to expand its store network, enhance logistics capabilities, and invest in innovative technologies.

Key figures highlighting Walmart’s business expansion include:

• 273 stores nationwide as of 2024, operating under brands like Walmart, Paiz, Despensa Familiar, and Maxi Despensa.
• Creation of 9,400 direct jobs in Guatemala.
• An 8.0% same-store sales growth in Central America during Q1 2024.

Additionally, Walmart significantly influences the national supply chain by purchasing more than $2 billion annually from local suppliers, strengthening Guatemala's productive sector. These purchases account for 8% of the country’s total exports.

Cementos Progreso: Latin American Expansion and Regional Leadership

Cementos Progreso has emerged as a leader in business growth within the construction sector, solidifying its presence in eight Latin American and Caribbean countries. The company has aggressively pursued acquisitions, including:

• Purchase of Cemex Costa Rica and Cemex El Salvador in 2021 for $335 million.
• Acquisition of Cemento Interoceánico in Panama in 2020.
• Expansion into the Dominican Republic and Haiti in 2024, investing $950 million.

Besides expanding its business, Cementos Progreso has intensified its commitment to sustainability and innovation. In 2023, its housing program, "Construyamos" ("Let's Build Together"), enabled the construction of 2,018 new homes. The company has also improved workplace diversity, increasing female representation to 17.6% of its workforce.

Agencias J.I Cohen: Steady Growth in the Pharmaceutical Sector

With more than 70 years in the market, Agencias J.I Cohen has positioned itself as one of Guatemala’s most robust companies in pharmaceutical, beauty product, and nutritional supplement distribution. Founded by Jack Irving Cohen and currently led by Alberto Cohen Mory, the company is renowned for technological innovation and transparency.

Key strategies driving the company’s business growth include:

• Logistics optimization using advanced technology and digital tracking systems to ensure product traceability.
• Sustainability efforts in distribution, using an electric vehicle fleet to reduce environmental impact.
• Strict regulatory compliance aligned with Guatemala’s Anti-Corruption Law and the U.S. Foreign Corrupt Practices Act (FCPA).

Additionally, the company promotes gender equality internally, increasing women's representation in traditionally male-dominated areas, such as logistics and international trade.