SAAM posts revenue increase

News 5 Nov 2016 by WCN Editorial

In Q3 2016, the company recorded profits of US$15M, which represented growth of 10.2% with respect to the same quarter of 2015

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SAAM the Chile-based port, logistics and towage services provider in the Americas, said the results show a net income of US$44.2M, 20.1% higher than in the same peroid of the previous year. In the meantime Ebitda in Q3 reached US$51.1M, reaching an accumulated figure for the year to date of US$155.2M, including the results of affiliated companies at their proportional value.

“The Company showed a good peformance for this period thanks to the strategy of geographical and business diversification of our portfolio, as well as to the efficiencies displayed in each of our divisions,” explained Macario Valdés, SAAM’s CEO.

Outstanding features during the quarter included the agreement to acquire 51% of the companies that operate Puerto Caldera, the second largest port in Costa Rica; the beginning of extension works of the dock in Terminal Portuario Guayaquil, in Ecuador; and the adding of SAAM to the Dow Jones Sustainability Index Chile.

“All these steps go in line with our growth strategy that we have set forth. Our focus is in growing sustainably jointly with recognized partners, with a solid financial position, stable returns and consolidating our leadership in the Region,” Valdés added.

In the Port Terminals Division, sales in Q3 2016 showed a growth of 13.5% (with US$69.5M), while Ebitda reached US$21M, 33.5% higher than the third quarter of 2015. In this business area, the performances of Terminal Internacional del Sur (Tisur), in Peru, and Terminal Marítima Mazatlán (Tmaz), in Mexico, are described by SAAM as outstanding, the latter driven by contracts signed with Nissan and Ford. This offset the effects of the strike that took place in September in San Antonio Terminal Internacional (STI).