Santiago, March 2, 2018. For the year 2017, SAAM reported net income of US$ 60.4 million, up 11% from US$ 54.5 million in 2016. This figure includes US$ 26 million 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 (TPG) 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.
As reported by the company, combining the consolidated financial statements and the results of equity-method associates, sales increased 10% over 2016 to US$ 684 million, while Ebitda grew 6.8% to US$ 181.9 million.
For the last quarter of 2017, the company reported net income of US$ 7.3 million, EBITDA of US$ 46.8 million and sales of US$ 181 million, mainly thanks to 45% volume growth at port terminals.
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$500 million 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.
Finally, at a board meeting today, the board approved a final dividend of Ch$2.2 per share, up 10% from the prior year, which represents approximately 60% of 2017 net income (at today’s exchange rate).
Divisional Results
The Port Terminals Division increased sales by 38.3% (to US$ 324 million), while Ebitda reached US$ 90 million (+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$ 254 million and Ebitda of US$ 85.9 million. Worth highlighting are new contracts awarded in Chile and the start-up of new operations in Brazil, which helped offset poorer results in Mexico and, thereby, maintain the company’s regional leadership.
Lastly, the Logistics Division posted sales of US$ 105.5 million and Ebitda of US$ 5.8 million.
SAAM is a multinational corporation providing services for international trade through its three divisions: Port Terminals, Towage and Logistics. With 56 years in business, SAAM has operations in 13 countries in North, Central and South America, creating jobs for more than 8 thousand employees. It is one of the leading operators of port and towage services on the continent.
