SAAM reports historic earnings of US$486 million after closing sale of port and logistics operations to Hapag-Lloyd
Santiago, November 3, 2023 | SAAM [SM SAAM] reported net income of US$ 486 million for first nine months of 2023. Sales totaled US$ 396 million (+17%) and consolidated EBITDA reached US$ 120 million (+10%). These are historical earnings, thanks to the sale of the port and logistics assets to Hapag-Lloyd, which generated a net gain for SAAM of US$ 422 million.
“During the third quarter we successfully closed the transaction with Hapag Lloyd, so the results for this period include the extraordinary gain on that sale. In this new phase, we will continue to operate our towage and air cargo logistics activities. We have consolidated a leadership position in the region and we want to continue to strengthen our company’s growth and profitability, hand in hand with our customers and employees,” said the company’s CEO, Macario Valdés.
The results of continuing operations in the third quarter reflect a strong performance from the towage operations, where the company continued to grow in terms of business volumes (+13% in maneuvers and +8% in time charter days), revenue (+19%) and margins (+130 percentage points), thanks to more dynamic operations and newly consolidated acquisitions.
Milestones for the period include incorporating two new tugs to the fleet in Brazil, as part of the Starnav asset purchase agreement. Another noteworthy milestone that occurred after the end of the quarter was the closing of the purchase of Petraly, an air cargo logistics company at the Quito airport (Ecuador).
Results by Area
The towage division (SAAM Towage) reported 19% and 24% growth in revenue and EBITDA, respectively, at the end of September compared to the same period in 2022, driven by a larger volume of port towage maneuvers (+13%) and time charter days (+8%). This growth is explained by increased market activity and higher revenue associated with the acquisition of tugs in Brazil and new contracts in Peru.
Meanwhile, tons handled by the air cargo logistics division (Aerosan) decreased 3% in the first nine months of the year compared to 2022, due to less dynamism in these markets, especially in imports. The number of flights served, meanwhile, grew 5% in the period, due to an increase in flight frequency for existing customers.
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 210 tugs. In addition, it offers air cargo logistics services at eight airports in Latin America.