SAAM Ends 2019 with Net Income of US$ 57.8 Million
A new management structure and strict cost discipline enabled SAAM, provider of port, logistics and towage services, to close 2019 with positive figures and net income of US$ 57.8 million, up 16% from last year. Sales totaled US$ 529.7 million (+3%), while Ebitda was US$ 177 million (+21%).
Results for the fourth quarter of 2019 were also positive, even though civil unrest in Chile affected operations at domestic ports. Ebitda for the quarter reached US$ 49.2 million (+25%), with sales of US$ 143.9 million (+8%) and net income of US$ 13.3 million (-8% versus 2019).
“In the last few years we have implemented a strategy that puts us in a better position to face the highly challenging context in foreign trade. The results for the year 2019 are positive thanks to work we have done to improve efficiency at our operations and the geographic diversification of our assets,” remarked SAAM’s CEO, Macario Valdés.
Last year the company concluded the largest purchase in its history, acquiring Boskalis’s stake in its joint operations in the towage business in Brazil, Mexico, Panama and Canada for US$ 194 million. Today, SAAM Towage is the largest operator in the Americas with 152 vessels and one of the leading towage service providers in the world. It also looks to play a prominent role in industry consolidation. In this context, it signed an agreement in January to purchase 70% of the operations of Intertug, a towage company with operations in Colombia, Mexico and Central America. SAAM Towage also began operations for the Altagas (Canada) project and will begin to provide services next year in El Salvador for the Energía del Pacífico (EDP) project.
Other milestones in 2019 include extending commercial contracts at TPG; favorably concluding collective bargaining in diverse business units; implementing initiatives as part of the new operating model and making substantial progress in risk management and the model for processes.
At a meeting today of the board of directors, the board decided to propose a final dividend of US$ 34 million, equivalent to 58% of net income for the period, at the next annual general shareholders’ meeting.