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SAAM Reports Net Income of US$43.5 Million for First Half of 2022

SAAM, a company providing port, towage and logistics services in 14 countries in the Americas, reported net income of US$43.5 million for the first half of 2022, an increase of 19% over the same period last year. Meanwhile, sales and EBITDA for the same period reached US$409.6 million (+15%) and US$139.1 million (+5%), respectively.

For the second quarter, net income was US$20.0 million (+5%), sales totaled US$207.4 million (+10%) and EBITDA reached US$68.3 million (-4%).

“Our results grew during the quarter thanks to strong performances from our Logistics and Port Terminals units. This offset the effects of a slight drop in the Towage Division, along with higher costs due to inflation and oil prices.,” commented SAAM’s CEO, Macario Valdés.

Milestones during the period include acquiring Standard Towing, which added three tugs in Canada; incorporating two new tugs in Chile and one in Canada; signing agreements to purchase tugs from Starnav in Brazil and the towage business from Ian Taylor in Peru, which are currently under review by the respective antitrust authorities. In addition, San Antonio Terminal Internacional announced US$9 million in additional investments mainly earmarked for new equipment.

Results by Division for 6M22

The Towage Division reported sales of US$181.4 million (+12%) and EBITDA of US$61.8 million (-10%).

The Port Terminals Division achieved sales of US$156.6 million and EBITDA of US$57.7 million, improvements of +16 % and +13%, respectively.

Lastly, the Logistics Division posted revenue of US$72.4 million (+21%) and EBITDA of US$25.3 million (+41%).
Source: SAAM

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