SAAM’s Net Income Drops in 2018

Chilean port, towage and logistics services provider SAAM ended 2018 with a 16% lower net income year over year which stood at USD 49.6 million. 

Illustration. Image Courtesy: SAAM

The lower figure is explained mainly by a high basis of comparison following the sale of a minority interest in Tramarsa, Peru, in 2017 for USD 26 million and some non-recurring effects in 2018.

Excluding these effects, net income was up 91% over the prior year, SAAM said.

Additionally, sales totaled USD 515 million, an increase of 10% more than last year, while EBITDA was USD 146 million, a rise of 25%.

For the fourth quarter of 2018, net income was USD 14.5 million, up by 77% over 2017. Sales totaled USD 133 million, rising by 6% and EBITDA totaled USD 39 million, an increase of 37%.

“The year 2018 was a good period for the company: we are already seeing the initial results of our new operating model, with a more simplified organizational structure that brings us closer to our subsidiaries, seeking more efficiencies and better projecting growth, all on a foundation of sustainability and excellence in management,” Macario Valdés, the company’s CEO, commented.

He also highlighted the recent agreement to acquire full ownership of the towage joint venture with Boskalis, valued at USD 201 million.

In April 2018, SAAM signed a memorandum of understanding to develop a RoRo terminal in Alabama, the United States.

Among other 2018 achievements are record transfer figures at terminals in Guayaquil in Ecuador, Caldera in Costa Rica, San Antonio and Corral in Chile, the inauguration of new infrastructure at the ports operated by the company in Costa Rica and the US, and the purchase of 50% of Transaéreo.

In addition, SAAM has been listed on the Dow Jones Sustainability Index Chile for the third straight year and is also now on the DJSI MILA.

“Another achievement that makes us especially proud is our progress on safety matters. Our lost-time injury rate has dropped 71% over the last six years,” Valdés added.