SAAM Posts Double-Digit Profit Growth in 1H

Chilean provider of port, logistics and towage services SAAM ended the first half of 2017 with a net income of USD 43 million, a rise of 48.3 percent compared to a net income of USD 29 million posted in the same period a year earlier. 

As informed, this figure was strongly impacted by a non-recurring gain of USD 26.9 million, mainly from the sale of the company’s minority interest in Tramarsa.

Excluding non-recurring effects, earnings for the first six months of the year totaled USD 16.6 million, according to SAAM.

“Isolating the non-recurring effect, these results reflect the challenges we are facing in an industry experiencing consolidation. For this reason, we are working hard, and with a long-term outlook, to strengthen our current assets and evaluate new opportunities in the region. In this spirit, we are very satisfied with our recent investments in the ports of Caldera in Costa Rica and Guayaquil in Ecuador,” Macario Valdés, CEO of SAAM, commented.

During the first half of the year, SAAM’s port terminals division performed well, with sales of USD 163.7 million, up 25% from the same period in 2016. EBITDA totaled USD 50.5 million, reflecting an increase of 14%.

These figures can be attributed to Ecuador’s Terminal Portuario Guayaquil (TPG) which boasts increased volumes of cargo transferred and positive projections thanks to the recent inauguration of its expanded dock and new infrastructure, SAAM explained.

This is in addition to the contribution from Puerto Caldera in Costa Rica, the facility which was added to SAAM’s portfolio in early 2017, and positive commercial management at Terminal Marítimo Mazatlán, Mexico, all of which helped offset poor performances from the Chilean terminals of San Antonio—due to excess supply in Central Chile—Antofagasta and San Vicente.

Also during the six-month period, SAAM bought 15% of Iquique Terminal Internacional. Following the acquisition, SAAM now controls 100% of ITI.

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