In the past four years, the Company has invested a total of around US$500 million, closing this year the high cycle of renovation and expansions in equipment and infrastructure.
Santiago, April 7, 2017. SM SAAM, multinational company providing port, towage and logistics services in 15 countries in the Americas, held this morning its Shareholders’ Meeting, where it gave an account of the positive results for the year 2016 and prospects for the year 2017.
The Company announced investments amounting to US$85 million for this year, in maintenance and extension of current assets (San Antonio Terminal Internacional, Terminal Portuario Guayaquil, San Vicente Terminal Internacional). In addition, it purchased 51% of Puerto Caldera, the second largest port in Costa Rica, for US$48.5 million, transaction with which the Company continued its inorganic growth strategy.
Thus, SAAM totals investments for approximately US$500 million in the past four years and closes in 2017 a cycle of renovation and expansion in equipment and infrastructure.
Last year, SAAM obtained earnings for US$54.5 million which, isolating the non-recurring effects of the 2015 period, are equivalent to a 5.6% growth. “Thanks to our portfolio diversification and adequate commercial strategy, we recorded a good performance during difficult times for the industry. We offset the drop in markets like Brazil, Mexico, and particularly Chile, and strengthened others such as Peru and Central America. We keep a significant cash flow and dividends for our shareholders”, stated the Company’s Chairman of the Board, Felipe Joannon.
Among the 2016 milestones, we should mention: the agreement to purchase Puerto Caldera; the inauguration of the new dock in San Vicente Terminal Internacional (Chile), which increased its capacity by 40%; the inauguration of a modern system for the reception,warehousing and shipping of mineral concentrates in Terminal Internacional del Sur (Peru); and the completion of the tugboat fleet renovation process, industry where SAAM is the fourth operator globally. Furthermore, SAAM was the only Chilean transport and infrastructure company to be incorporated to the Dow Jones Sustainability Index Chile in 2016.
In addition, Joannon insisted in a cautious assessment of the need for a megaport in the central zone. “The current port infrastructure, with the construction of new terminals in San Antonio and Valparaíso and the ongoing extensions, ensure enough capacity to support foreign trade efficiently in the next 10 to 15 years. We believe that the current priority is to significantly improve the terminals’ connectivity and complementary infrastructure”, he added.
At the Ordinary General Shareholders’ Meeting, it was approved to distribute the profits for 2016 at a rate of Ch$2 per share, totalling US$29.662.280,80, that is to say, 54,38% of the earnings.
On the other hand, it was reported that the Board agreed as a new dividend distribution policy, its intention of changing the distribution from the current 30% to 50% of the liquid profits for the respective exercise.
