- SAAM Achieves 8% Revenue Growth in Q3 2024.
- Towage Division Steady Amid Rising Costs and Weather Challenges.
- Air Cargo Logistics Sees 29% Growth with New Ecuador Operations.
SAAM [SM SAAM] announced positive third-quarter 2024 results from its continuing operations, with revenue of US$427 million, an 8% increase, and EBITDA of US$137 million, up 14% year-over-year. The financial performance highlights the company’s resilience following the 2023 sale of its port terminals and ground logistics operations, which produced a one-time gain of US$479 million. Net income from continuing operations, excluding this gain, was US$43 million for the nine months ending in September, reports SAAM.
Towage Division Performance
“Our towage division is continuing to consolidate recently acquired operations and has performed steadily, even with the greater weather challenges and cost increases we have faced. Meanwhile, our air cargo logistics business performed well thanks to new operations in Ecuador and greater export activity,” explained CEO Macario Valdés.
SAAM Towage gained 2% growth in manoeuvres in early 2024, buoyed by new tugs in Brazil and slowed by slow markets in Central America and Chile. Time charter days rose by 16% from new contracts in Brazil as well as in the Virgin Islands.
Air Cargo Logistics Expansion
SAAM’s Aerosan air cargo business had a year-over-year increase of 29% tons handled, largely on the strength of more operations in Ecuador and early-year activity. This recovery further highlights SAAM’s ability to serve air cargo demand in key markets.It evidences the growing orientation and flexibility of SAAM.
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Source: SAAM
