SAAM to Invest USD 85 Mn in Fleet and Infrastructure

Chilean port, towage and logistics services provider SAAM unveiled its plans to invest some USD 85 million to reinforce its tug fleet and maintain port equipment and infrastructure.

The company added that the investment could also cover inorganic growth opportunities that SAAM is constantly evaluating, according to Óscar Hasbún, SAAM’s chairman.

The investment comes on the back of the company’s new operating model, launched last year with an aim to make the organization more flexible, modern and efficient.

“These efforts will help us streamline operations and continue expanding to strengthen our leadership in the region,” Hasbún added.

SAAM revealed the investment as part of its 2017 financial results. For the year 2017, SAAM reported net income of USD 60.4 million, up 11% from USD 54.5 million in 2016.

This figure includes USD 26 million in extraordinary items, mainly from the sale of its minority interest in Tramarsa (Peru).

Highlights during the year include increased activity at Terminal Terminals Guayaquil (TPG) and the incorporation of the main port on the Pacific coast of Costa Rica (Puerto Caldera), which helped offset reduced results from the Logistics Division and Chilean port terminals.

“In 2017 we concluded a high investment cycle with over USD 500 million in capital expenditures over the last four years, giving us state-of-the-art infrastructure and equipment to continue growing,” Hasbún said.

Additionally, SAAM elected a new board which will hold office for the next three years. The board will now consist of Oscar Hasbún, Jean Paul Luksic, Francisco Pérez Mackenna, Francisco Gutiérrez and Diego Bacigalupo. Jorge Gutiérrez and Armando Valdivieso Montes were also elected as independent directors.