Santiago, August 6, 2018. SAAM, a company providing port, towage and logistics services, reported net income of US $20 million for the first half of 2018, which represents growth of 96% over the first half of the prior year, excluding an extraordinary gain on the sale of its interest in Tramarsa in April 2017 (US $26.9 million) and results of discontinued operations.
Consolidated Ebitda rose to US $70.8 million, up 26% from the same period in 2017, while consolidated sales increased 16% to US $257 million.
“The industry remains extremely competitive, which compels us to be more flexible to adapt to this environment. New commercial contracts and the efforts in our cost structure have allowed us to face this reality well, with positive results and a good discipline of capital employment” commented SAAM’s CEO, Macario Valdés.
Divisional Results
The Port Terminals Division made the largest contribution to SAAM’s consolidated results thanks to a sharp increase in the volume of cargo transferred by Terminal Portuario Guayaquil (TPG). This division reported net income of US $14.7 million, while consolidated sales and Ebitda reached US $131.5 million and US $43.3 million, respectively.
The Towage Division posted net income of US $12.1 million, while consolidated sales and Ebitda totaled US $95.9 million and US $34.8 million, respectively. This performance can be explained by a rise in consolidated operations, which partially offset weaker results in Brazil.
Finally, the Logistics Division reported net income of US $2.5 million, with consolidated sales and Ebitda of US $30.9 million and US $2.7 million, respectively. The improved results from this division can be attributed to reduced expenses, newly awarded long-term contracts and a strong performance from Aerosan in Chile and Colombia.
