Last year, the Company’s sales grew 10% and Ebitda 25%. For the fourth quarter of 2018, net income was up 77%.
Santiago, March 08, 2019. SM SAAM reported net income of US$ 49.6 million in 2018. This figure is 16% less than in 2017, explained mainly by a high basis of comparison following the sale of a minority interest in Tramarsa (Peru) in 2017 for US$ 26 million and some non-recurring effects in 2018. Excluding these effects, net income was up 91% over the prior year.
Sales totaled US$ 515 million (10% more than last year), while Ebitda was US$ 146 million (up 25%).
For the fourth quarter of 2018, net income was US$ 14.5 million (+77% over 2017), while sales totaled US$ 133 million (+6%) and Ebitda US$ 39 million (+37%).
“The year 2018 was a good period for the company: we are already seeing the initial results of our new operating model, with a more simplified organizational structure that brings us closer to our subsidiaries, seeking more efficiencies and better projecting growth, all on a foundation of sustainability and excellence in management,” commented the Company’s CEO, Macario Valdés. He also highlighted the recent agreement to acquire full ownership of the towage joint venture with Boskalis, valued at US$ 201 million.
Some of this year’s highlights include signing a Memorandum of Understanding to develop a RoRo terminal in Alabama (United States); achieving record transfer figures at terminals in Guayaquil (Ecuador), Caldera (Costa Rica), San Antonio and Corral (Chile); inaugurating new infrastructure at the ports operated by the Company in Costa Rica and the US, and purchasing 50% of Transaéreo. In addition, SAAM has been listed on the Dow Jones Sustainability Index Chile for the third straight year and is also now on the DJSI MILA.
“Another achievement that makes us especially proud is our progress on safety matters. Our lost-time injury rate has dropped 71% over the last six years,” added Valdés.
Division Results
The Port Terminals Division led the Company’s earnings with sales of US$ 272 million (+24% more than last year), while Ebitda reached US$ 90 million (+31%). These figures are explained by volume growth at most terminals, especially Guayaquil with several new contracts, and San Antonio.
The Towage Division reported stable results with sales of US$ 189 million (+4%) and Ebitda of US$ 67 million (+11%). The area’s consolidated operations helped offset decreased earnings in Brazil because of industry changes affecting that market.
Lastly, the Logistics Division closed the year with sales of US$ 59 million (-15%) and Ebitda of US$ 7.4 million (+113%). Logística Chile performed particularly well. Its new structure, sales of several assets and its new business focus all helped boost results.
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SAAM is a multinational corporation providing services for international trade through its three divisions: Port Terminals, Towage and Logistics.
With 57 years in business, SAAM has operations in 13 countries in North, Central and South America, creating jobs for more than 7 thousand employees.
It is one of the leading operators of port and towage services on the continent.
