SAAM Reports '24 Results
It also reported net income from discontinued operations of $479 million from its port terminal and inland logistics operations sold in August 2023.
SAAM (SM SAAM) reported net income from continuing operations of $59.2 million for 2024, EBITDA of $188 million (+17% vs. 2023) and revenue of $578 million (+7%). During the year it also completed the process of integrating the assets acquired from Starnav in Brazil and Pertraly in Ecuador.
It also reported net income from discontinued operations of $479 million from its port terminal and inland logistics operations sold in August 2023.
The company also reported that the Board of Directors agreed to propose a final dividend of $39.2 million to shareholders at the annual general meeting. Together with the interim dividend of $20 million paid in November 2024, this brings the total dividends charged to last year’s earnings to $59.2 million.
The year's milestones include:
- distributing $ 270 million in dividends
- incorporating the first two electric tugboats to the fleet
- implementing Operational Control Centers for the towage business
- implementing the risk and process management model, and
- launching the 2030 Sustainability Strategy.
SAAM Towage boasts sales of $483 million and EBITDA of $163 million. Operations in this segment remained stable compared to 2023, mainly due to growth in Brazil and Canada, which offset lower volumes in Panama and Chile. Time charter days—associated with dedicated towage services at oil, gas and mining terminals— increased by 13% because of contracts in Brazil and St. Croix.
Meanwhile, Aerosan reported sales of US$ 94 million and EBITDA of $36 million. Tons handled were up 18%, mainly due to greater export volumes resulting from the new operations in Ecuador and improvements to the company's facilities, operations and processes.
