Chairman of SAAM, at Shareholders’ Meeting: “The continuity of the logistics chain is essential to dealing with this emergency”
The company’s chairman, Óscar Hasbún, affirmed that all efforts are being deployed to ensure normal operations.
In 2019 SAAM reported net income of US$ 57.8 million, which puts it in a better position to face the coronavirus crisis.
Santiago, April 3, 2020. SAAM’s chairman, Óscar Hasbún, led the shareholders’ meeting for the company, which provides port, logistics and towage services in twelve countries in the Americas. He specifically highlighted his entire team’s commitment to the continuity of the logistics chain in the twelve countries where it operates.
“Today, more than ever, with the coronavirus threatening so many people, we know that our role is crucial. We are taking all possible precautions to protect our employees and, at the same time, continue to support the logistics chain, so that Chile and the other countries where we operate continue to be supplied with the basic goods people need,” he affirmed.
“I would like to especially recognize all our employees throughout Chile and the Americas, who are acting responsibly to address the tremendous challenge of keeping us operable in such adverse circumstances. Thanks to them, and many other health care, trade and service workers, today Chileans can better cope with this emergency,” he added.
Hasbún commented that it is hard to make projections now regarding the impact Covid-19 will have, but he highlighted the company’s healthy liquidity and solvency indicators to face the global situation in foreign trade. “Because of its unpredictable nature, we must monitor this situation on a daily basis,” he concluded.
Last year the company reported net income of US$ 57.8 million, 16% more than last year. Sales totaled US$ 529.7 million (+3%), while Ebitda was US$ 177 million (+21%).
“In the last few years we have implemented a strategy that allows us to better face the current highly challenging context in foreign trade. The results for the year 2019 are attributable to work we have done to improve efficiency at our operations and the geographic diversification of our assets,” remarked SAAM’s CEO, Macario Valdés.
At the meeting, which was held online for the first time, shareholders decided to distribute a dividend of Ch$ 3.0125 per share, totaling US$ 34,032,199.05, or 58.9% of net income for 2019.
Milestones in 2019
Last year the company concluded the largest purchase in its history, acquiring Boskalis’s stake in its joint operations in the towage business in Brazil, Mexico, Panama and Canada for US$ 194 million. Today, SAAM Towage is the largest operator in the Americas with 155 vessels and one of the leading towage service providers in the world. It also looks to play a prominent role in industry consolidation.
In this context, it signed an agreement in January to purchase 70% of the operations of Intertug, a towage company with operations in Colombia, Mexico and Central America. SAAM Towage also began operations for the Altagas (Canada) project and will begin to provide services next year in El Salvador for the Energía del Pacífico (EDP) project.
Other milestones include extending commercial contracts at TPG; favorably concluding collective bargaining in diverse business units; implementing initiatives as part of the new operating model and making substantial progress in comprehensive risk management.
SAAM is a multinational corporation providing services for international trade through its three divisions: Port Terminals, Towage and Logistics.
With 58 years in business, SAAM has operations in 12 countries in North, Central and South America, creating jobs for more than 8 thousand employees.
It is the leading operator of towage services in the Americas.