Santiago, May 3, 2024. SAAM [SM SAAM] improved its results during the first quarter of the year, with net income of US$ 22 million from continuing operations. Revenue for the period totaled US$ xxx million and EBITDA was US$ 43 million, surpassing the prior year by 11% and 6%, respectively.
“SAAM continues to show positive progress, thanks to organic operational growth and the consolidation of acquisitions by SAAM Towage in Brazil and Aerosan in Ecuador. In towage, we had good results, although we faced more maintenance and less dynamic economies in some countries where we operate. In the air cargo logistics area, meanwhile, we are seeing a recovery in profitability thanks to the measures adopted,” said the company’s CEO, Macario Valdés.
Among the milestones for the period was the arrival of the fleet’s first electric tugs in Canada. “This is proof of our commitment to move towards increasingly sustainable operations, seeking the best solutions tailored to each customer and the conditions at each port,” the executive pointed out.
Other advances included an alliance with ENAP to operate Chile’s first electric tug and an agreement with Avianca Cargo to handle export and import cargo at the Santiago airport.
Division Results
At SAAM Towage, maneuvers increased by 10% in the first quarter, compared to the same period in 2023, due to greater dynamism in Mexico and the larger fleet in Brazil.
Time charter days—associated with dedicated towage services at oil, gas and mining terminals—grew by 19%, mostly because of increased activity in Brazil and a new contract in the Virgin Islands.
Finally, export tons handled by Aerosan showed a strong recovery, increasing 30%, thanks to new operations in Ecuador and increased activity in Chile and Colombia. Imports, meanwhile, lagged by 9% in the period.
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SAAM is an infrastructure company with more than 60 years in business. It is the leading provider of port towage services in the Americas and third globally. It operates at more than 90 ports in 13 countries with a modern fleet of over 200 tugs. In addition, it offers air cargo logistics services at eight airports in Latin America.
