5 August 2019
SAAM, a leading provider of port, logistics and towage services in the Americas, reported a positive first half of the year. For the six months ended June 30, 2019, the Company reported net income of US$ 31 million, a 55% rise over the same period last year. For the second quarter, SAAM had a net income of US$ 13.1 million, up 10% from the same period in 2018.
“We have successfully dealt with the competitive conditions present in our industry, including pressure on freight rates and low volumes. During the period, we have capitalized on our new operating model; our port terminals have renewed several contracts; the Towage Division reported improved results from special services at foreign operations, and the Logistics Division has a more efficient structure, which leaves us in a better position to face the retail industry’s current sluggish business cycle,” commented SAAM’s CEO, Macario Valdés.
One of the highlights for the quarter was the start of wharf expansion work at Terminal Portuario Guayaquil (TPG). We also began operations at AltaGas’s new propane gas export terminal (Canada), where SAAM provides towage services; in Guatemala, the division signed a contract to operate a second tug, and Aerosan opened its new distribution center at the Santiago international airport.
During the second quarter of 2019, SAAM reported consolidated sales of US$ 124.7 million (-4%) and consolidated Ebitda of US$ 40.5 million (+9%). Sales for the six months ended June 2019 totaled US$ 254 million (-1%) and EBITDA was US$ 82.2 million (+16%).