SAAM to invest US$85 million in port infrastructure for year ahead
Published by Claire Cuddihy,
Assistant Editor
Dry Bulk,
On 9 April 2018, leading Chilean port operator and logistics company SAAM held its Annual General Shareholders’ Meeting, at which the company presented its results for the year 2017 and a general outlook for 2018. It also renewed its Board of Directors for the next three years.
SAAM reported a net income of US$60.4 million for the year 2017, up 11% from US$54.5 million in 2016. According to the company, this figure includes US$26 million in extraordinary items, mainly from the sale of its minority interest in Tramarsa (Peru).
The company reports highlights of increased activity at Terminal Terminals Guayaquil (TPG) and the incorporation of the main port on the Pacific coast of Costa Rica (Puerto Caldera), which helped offset reduced results from the Logistics Division and Chilean port terminals.
SAAM’s Chairman, Óscar Hasbún, commented: “In 2017, we concluded a high investment cycle with over US$500 million in capital expenditures over the last four years, giving us state-of-the-art infrastructure and equipment to continue growing. This year we expect to invest close to US$85 million, which will be used to maintain our port equipment and infrastructure and reinforce our tug fleet. This could also include inorganic growth opportunities that we are constantly evaluating.”
He also added that the company began implementing a new operating model last year, aimed at making the organisation more flexible, modern and efficient. This will make the company more competitive and enable it to harness synergies and bring management closer to operations. “These efforts will help us streamline operations and continue expanding to strengthen our leadership in the region,” he remarked.
Board Election
At the meeting, a new board was also elected. According to the company, the following individuals will hold office for the next three years: Oscar Hasbún, Jean Paul Luksic, Francisco Pérez Mackenna, Francisco Gutiérrez and Diego Bacigalupo. Jorge Gutiérrez and Armando Valdivieso Montes were also reportedly elected as Independent Directors. This is the first year Valdivieso will serve on SAAM’s board.
Read the article online at: https://www.drybulkmagazine.com/ports-terminals/11042018/saam-to-invest-us85-million-in-port-infrastructure-for-year-ahead/
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