SAAM Closes First Half of 2020 with Net Income of US$32 Million
SAAM, a company providing port, towage and logistics services, reported net income of US$32.3 million for the six months ended June 2020, an improvement of 4% over the same period last year. Ebitda, in turn, reached US$109.6 million for the same period (+33%), while sales totaled US$290.6 million (+14%).
Excluding the permanent effect of the purchase of the towage operations from Boskalis and other extraordinary effects, net income was down 11% with respect to last year.
For the second quarter, net income reached US$14.2 million (+9% with respect to the same period in 2019), Ebitda was US$56.4 million (+40%) and sales totaled US$143.4 million (+15%).
“Ports, especially the terminals we operate in Chile, have been sharply affected by the pandemic, with throughput falling 21% in the first half of 2020 versus the first half of 2019. The acquisition of the joint operations with Boskalis and the Towage Division’s strong performance have put the Company in a better position to face this period,” commented SAAM’s CEO, Macario Valdés. He also emphasized how this confirms that the Company’s diversification is one of its greatest advantages and that the decision to expand the towage business was a good path to take.
“We have deployed all our efforts to safeguard our workers from the virus and maintain supply chain continuity, increasing spending to implement preventative measures and quarantine beyond government mandates,” he added.
The new operating model, asset diversification and healthy financial and liquidity indicators will be vital for SAAM in mitigating the effects of this crisis.
During the period, SAAM placed UF 1.2 million in bonds on the local market. These funds will be used mainly to finance the Company’s investment plan.
The Company also reported improved safety indicators with respect to the same period last year, with decreases of 31% and 27.6% in the severity and frequency indexes, respectively.