SAAM posts higher profits

News 5 Mar 2018 by WCN Editorial

Chile-based multinational ports, logistics and towage group SAAM posted net income of US$64.4M in 2017, up 11% on 2016

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The figure includes US$26M in extraordinary items, mainly from the sale of its minority interest in Tramarsa (Peru).

Highlights during the period include increased activity at Terminal Portuario Guayaquil and the incorporation of the main port on the Pacific coast of Costa Rica (Puerto Caldera), which helped offset reduced results from the Logistics Division and Chilean port terminals.

For Q4 2017, the company reported net income of US$7.3M, EBITDA of US$46.8M and sales of US$181M, mainly thanks to 45% volume growth at port terminals.

Puerto Caldera in Costa Rica, SAAM's most recent port concession

SAAM’s CEO, Macario Valdés, remarked, “The year 2017 was challenging for both SAAM and the industry in general. However, we observed a trend towards recovery late in the year. As a result, we are looking optimistically towards 2018, in a solid position to seek out growth opportunities and face an environment that continues to be marked by adjustments in the shipping industry.”

In 2017 SAAM concluded a high investment cycle that involved almost US$500M in capital expenditures over the last four years. These investments will give the company the state-of-the-art infrastructure and equipment it needs to strengthen and expand its three business areas in the region.

The Port Terminals Division increased sales by 38.3% to US$324M, while Ebitda reached US$90M (+39%) due mainly to volume growth at Terminal Portuario Guayaquil and the addition of Puerto Caldera.

The Towage Division, in turn, reported sales of US$254M and Ebitda of US$85.9M SAAM has highlighted new contracts awarded in Chile and the start-up of new operations in Brazil, which helped offset poorer results in Mexico and thereby helped maintain its regional leadership.

Lastly, the Logistics Division posted sales of US$105.5M and Ebitda of US$5.8M.