SAAM Reports 40% Jump in Revenue

SAAM, a provider of port, towage and logistics services in 14 countries in the Americas, reported net income of $55.5 million for the nine months ended September 2021, up 40% from the January-September period in 2020. EBITDA reached $202.3 million and sales totaled $548.9 million, marking rises of 28% and 29%, respectively (all consolidated figures).

Figures for the quarter were also positive: 

• Net income was $18.8 million (+162% with respect to 3Q2020), 
• Sales totaled $192.6 million (+42%) and 
• EBITDA reached $69.3 million (+43%).

“Foreign trade ended the third quarter as dynamic as prior periods: demand for consumer goods remained high and countries around the world continued to restock merchandise. The shipping fleet reports high usage rates and the logistics chain, including ports, continues to operate under stringent demands and with important operating challenges because of diverse disruptions along the chain. Some factors affecting productivity include port closures, difficulty dispatching cargo, low staff availability, tight ground transport capacity, among others,” explained SAAM's CEO, Macario Valdés.  

Milestones for the period include SAAM Towage’s progress in Peru. After launching operations in April, it already has six tugs positioned in that country, thus reinforcing the company's presence along the Pacific coast. 

Consolidated Results by Division

In the third quarter of 2021, the Towage Division reported sales of $89.1 million (+36% with respect to the same quarter last year) and EBITDA of $36.6 million (+28%). Growth is linked to increased business, new operations in Peru and El Salvador, the effects of consolidating Intertug and a different service mix with more maneuvers at private terminals.

The Port Terminals Division achieved sales of $72.2 million and EBITDA of $25.9 million, improvements of +24% and +21%, respectively. Contributing factors included growth in container throughput and a different mix of services and cargo at Chilean and foreign terminals.

Finally, the Logistics Division posted revenue of $31.5 million (+166%) and EBITDA of $9.6 million (+567%). Once again, Aerosan’s performance deserves special mention, with increased activity due to import and export cargo.