Despite challenging market conditions, Chilean multinational company SAAM reported a profitable first half of the year.
For the six months ended June 30, 2019, the company posted net income of USD 31 million, a 55% rise over the same period last year.
In addition, SAAM’s net income for the second quarter of 2019 was USD 13.1 million, up 10% from the same quarter in 2018.
“We have successfully dealt with the competitive conditions present in our industry, including pressure on freight rates and low volumes,” Macario Valdés, SAAM’s CEO, commented.
“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,” he added.
In Q2 2019, SAAM commenced wharf expansion works at Terminal Portuario Guayaquil (TPG). The company also began operations at AltaGas’s new propane gas export terminal in Canada, where SAAM provides towage services.
What is more, SAAM’s division signed a contract in Guatemala 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 USD 124.7 million, a drop of 4% and consolidated EBITDA of USD 40.5 million, a rise of 9%.
Sales for the six months ended June 30, 2019, totaled USD 254 million, a decrease of 1% and EBITDA was USD 82.2 million, an increase of 16%.
Providing port, towage and logistics services, SAAM has operations in 12 countries in North, Central and South America.