Santiago, May 9, 2018. SAAM, a leading provider of port, logistics and towage services in the Americas, reported net income of US$ 8.1 million during the first quarter of 2018, up 14% from the same period in 2017.
Excluding results of discontinued operations in 2017, quarterly earnings grew 134%.
Ebitda, which includes associates at equity-method value, rose to US$ 48.4 million, an increase of 19% over first quarter 2017. Sales were up 15% to US$180 million.
“We had a good start to the year, particularly because of our continuing operations. All three business divisions reported growth, especially Terminal Portuario Guayaquil (TPG), and we saw a moderate recovery in results in the Logistics Division,” commented SAAM’s CEO, Macario Valdés.
After concluding a high investment cycle involving more than US$ 500 million in capital expenditures over four years, this year the company expects to invest US$ 85 million to maintain equipment and infrastructure at ports and to reinforce our tug fleet. In addition, SAAM is continuously exploring opportunities for inorganic growth.
Divisional Results
The Port Terminals Division increased its sales by 31% (to US$ 88.7 million), while Ebitda totaled US$ 23.7 million (+35%), mainly because of strong performances from Terminal Portuario Guayaquil (Ecuador) and Puerto Caldera (Costa Rica), which helped offset weaker performances from terminals in Chile.
The Towage Division, in turn, reported sales of US$ 64.3 million and Ebitda of US$ 21.7 million, reflecting increases of 8% and 4%, respectively, due to a rise in special services in Canada and Uruguay.
Lastly, the Logistics Division posted sales of US$ 27.5 million and Ebitda of US$ 2.9 million, marking a 40% increase. Highlights in this business area include a recovery in results following implementation of its new strategy, new contracts obtained and a strong performance from Aerosan.
