Santiago, August 02, 2024. SAAM [SM SAAM] reported positive results from its continuing operations for the first half of the year, with revenue totaling US$283.6 million (+10%), EBITDA of US$90.2 million (+14%) and net income of US$31.0 million (+89%). Bear in mind that the Company disposed of its port terminals and ground logistics operations in August 2023. These discontinued operations generated net income of US$17.2 million during the first half of 2023.
In the second quarter, revenue totaled US$143.3 million and EBITDA was US$47.3 million, while net income reached US$9.0 million. During the period, there was an accounting effect of US$7 million related to deferred taxes due to exchange rate fluctuations, mainly in Brazil, Mexico and Colombia.
“This quarter showed around 10% higher revenue compared to the same period in 2023, due to more tugs in operation, new contracts and the consolidation of recently acquired operations. Meanwhile, our air cargo logistics business performed well thanks to new operations in Ecuador and an upturn in air cargo activity,” explained CEO Macario Valdés.
Division Results
At SAAM Towage, maneuvers were up 3% compared to the first half of 2023, due to tugs added in Brazil and greater dynamism in some markets. Time charter days—associated with dedicated towage services at oil, gas and mining terminals—grew by 18%, mostly because of new contracts in Brazil and the Virgin Islands.
Lastly, tons handled by Aerosan showed a strong recovery, increasing 28% thanks to new operations in Ecuador and increased activity at the beginning of the year, especially because of the Chilean fruit season.
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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.
