Latin American logistics specialist SAAM reported net income of USD486 million for the first nine months of 2023, with the figure bolstered from the sale of port and logistics assets to Hapag-Lloyd.
SAAM reported total sales of USD396 million for the first nine months of the year, up 17 percent year on year, and a consolidated EBITDA of USD120 million, up 10 percent. The company also closed the sale of port and logistics assets to Hapag-Lloyd in the quarter which generated a net gain of USD422 million.
“During the third quarter we successfully closed the transaction with Hapag-Lloyd, so the results for this period include the extraordinary gain on that sale. In this new phase, we will continue to operate our towage and air cargo logistics activities. We have consolidated a leadership position in the region and we want to continue to strengthen our company’s growth and profitability, hand in hand with our customers and employees,” said the company’s ceo, Macario Valdés.
The towage division (SAAM Towage) reported 19 percent and 24 percent growth in revenue and EBITDA, respectively, at the end of September compared to the same period in 2022, driven by a larger volume of port towage manoeuvres (+13 percent) and time charter days (+8 percent). This growth was a result of increased market activity and higher revenue associated with the acquisition of tugs in Brazil and new contracts in Peru, the company said.
