Santiago, November 8, 2024. | SAAM [SM SAAM] reported positive results from its continuing operations in the third quarter, with revenue of US$427 million (+8%) and EBITDA of US$137 million (+14%).
Keep in mind that the company disposed of its port terminals and ground logistics operations last year, resulting in a gain of US$479 million in 2023. Isolating this effect, net income from continuing operations reached US$43 million for the nine months ended in September.
In the third quarter, revenue totaled US$143 million (+4%) and EBITDA was US$47 million (+14%), while net income reached US$12 million.
“Our towage division is continuing to consolidate recently acquired operations and has performed steadily, even with the greater weather challenges and cost increases we have faced. Meanwhile, our air cargo logistics business performed well thanks to new operations in Ecuador and greater export activity,” explained CEO Macario Valdés.
Division Results
At SAAM Towage, maneuvers were up 2% compared to the first nine months of 2023, due to greater activity in part because of newly added tugs in Brazil, which was offset by less dynamic markets in Central America and Chile. Time charter days—associated with dedicated towage services at oil, gas and mining terminals—grew by 16% during the period, mostly because of new contracts in Brazil and the Virgin Islands.
Finally, tons handled by Aerosan showed a strong recovery, increasing 29%, explained by new operations in Ecuador and increased activity at the beginning of the year.
