SAAM to Invest $140 mln
SAAM, multinational company that provides port, towage and logistics services in 15 countries in Latin America, held this morning a Shareholders’ Meeting, where it reported on the positive results of the 2015 exercise and the perspectives for 2016. In this context, the Company announced investments for US$140 million during the current year, which will be allocated to works being performed by some port terminals.
Worthy of notice are the expansions undertaken at San Vicente Terminal Internacional (SVTI) and San Antonio Terminal Internacional (STI) in Chile, in addition to the expansion of Terminal Portuario de Guayaquil in Ecuador. Likewise, said figure will allow increasing and renovating the tugboat fleet, where SAAM is the fourth actor at a global level.
"SAAM operates in an attractive region with growing need for services and infrastructures. During 2016 we want to continue making progress in entering new markets, and thus consolidate our leadership in America, where we are already present in 15 countries and 80 ports", said Felipe Joannon, Chairman of the Board of Directors.
On the other hand, at the Shareholders’ Meeting it was reported that profits reached US$68.9 million during 2015, while Ebitda rose by 11% totaling US$203 million and sales experienced a slight decrease of 3%, all figures considered in the consolidated statements of income and the results of affiliated companies at their proportional value.
Joannon valued this performance even more considering a context where regional economy was marked by a reduction in its growth rate, the drop in the price of commodities and, in this sector in particular, by the consolidation and adjustment processes in the shipping industry.
“For our Company, this was a year of strengthening our alliances. Our joint venture with Boskalis in the Towage Division, achieved annual synergies for US$15 million, surpassing all expectations. Furthermore, the incorporation through Tramarsa of Terminal Internacional del Sur -second major port in Peru- to our business portfolio, strengthened our partnership with the Romero Group”, he stressed.
Other 2015 milestones in the Ports Division were: the ten-year extension obtained for the Florida Terminal concession (United States); the beginning of vehicle transfers in Mazatlan (Mexico), progress in the expansion projects in San Antonio and San Vicente (Chile), the new STS Super Post Panamax cranes for San Antonio and the two Super Post Panamax mobile cranes for Iquique.
In the Tugboats Division, the highlights were the renewal of significant contracts in Mexico and the beginning of the construction of eight vessels that will strengthen the current fleet of 180 tugboats.
In the Logistics Division, meanwhile, development of the 3PL business or Contract Logistics continued, aimed at adapting services to the new reality presented by the industry, offering comprehensive services through the whole supply chain up to the end client.
Change in the Board of Directors
In the framework of the Shareholders’ Meeting, it was decided to reduce the number of SM SAAM directors from eleven to seven members. This measure seeks to achieve greater efficiencies in decision-making and significant savings, while maintaining the necessary reliance on corporate governance and representativeness of all Shareholders.
The final Board of Directors was composed by: Mario Da-Bove Andrade, Francisco Pérez Mackenna, Jean Paul Luksic Fontbona, Felipe Joannon Vergara, Oscar Hasbún Martínez, Jorge Gutiérrez Pubill y Francisco Gutiérrez Philippi.
