After concluding a high investment cycle last year, the company’s investments this year will focus on ports and its tug fleet. It also elected a new board of directors for the next three years, incorporating Armando Valdivieso Montes as independent director.
Santiago, April 9, 2018. SAAM held its Annual General Shareholders’ Meeting this morning, at which time the company presented its results for the year 2017 and a general outlook for this year and renewed its Board of Directors for the next three years.
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 Terminals 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.
“In 2017 we concluded a high investment cycle with over US$ 500 million in capital expenditures over the last four years, giving us state-of-the-art infrastructure and equipment to continue growing. This year we expect to invest close to US$ 85 million, which will be used to maintain our port equipment and infrastructure and reinforce our tug fleet. This could also include inorganic growth opportunities that we are constantly evaluating,” commented SAAM’s chairman, Óscar Hasbún.
He also added that the company began implementing a new operating model last year, aimed at making the organization more flexible, modern and efficient. This will make the company more competitive and enable it to harness synergies and bring management closer to operations. “These efforts will help us streamline operations and continue expanding to strengthen our leadership in the region,” he remarked.
Board Election
A new board was elected at the meeting. The following individuals will hold office for the next three years: Oscar Hasbún, Jean Paul Luksic, Francisco Pérez Mackenna, Francisco Gutiérrez and Diego Bacigalupo. Jorge Gutiérrez and Armando Valdivieso Montes were also elected as independent directors. This is the first year Mr. Valdivieso will serve on SAAM’s board.
In addition, shareholders agreed to distribute 2017 profits with a dividend of Ch$2.2 per share, totaling US$ 35,396,570.16 (i.e. 58.56% of net income at Friday’s exchange rate). This figure represents a 10% increase over the prior year.
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.
