At the annual general meeting, shareholders approved a dividend of US$47.2 million and the company announced that it will invest around US$100 million to further strengthen its operations in the 14 countries where it does business.
Santiago, April 8, 2022 | SAAM, a provider of port, towage and logistics services in 14 countries in the Americas, held its annual general meeting today. At the event, it announced plans to invest around US$100 million this year, mostly in equipment for its port terminals, five new high-tech vessels for its fleet and maintenance.
In addition, shareholders agreed to distribute 2021 profits with a dividend of US$0.004844 per share, totaling US$47.2 million (i.e. 60% of net income). This is the largest dividend in the company’s history.
“Our industry requires a long-term perspective, so despite the current high volatility, we are working to stay up to speed and continue providing excellent service for foreign trade. Today we have a stronger structure and an improved position that enable us to better face the ups and downs of the global economy and continue to take advantage of inorganic growth opportunities as we have done in recent years,” explained SAAM Chairman Óscar Hasbún.
In 2021, the company reported record net income of US$78.6 million, 18% more than the previous year (+43%, excluding extraordinary effects from the prior year). Meanwhile, sales and EBITDA for the same period reached US$748 million (+28%) and US$268 million (+26%), respectively.
“Last year the logistics chain was highly strained by global disruptions. Despite these hardships, we managed to achieve positive results and continued our track record of growth and international expansion,” commented Hasbún.
From 2017 to 2021, SAAM underwent an important transformation that involved a series of strategic acquisitions and a significant increase in control across all business segments. In 2016 the company consolidated only 25% of EBITDA from all operations in which it has interests but that figure had risen to 83% by 2021.
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SAAM provides services for international trade through its three divisions: Port Terminals, Towage and Logistics. With 60 years in business, SAAM has operations in 14 countries in North, Central and South America, creating jobs for more than 8,500 thousand employees. It is the leading provider of towage services in the region and one of the largest port operators in the Americas.
