SAAM Achieves Highest-ever Net Income in 2023

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Updated Published

SAAM, a leading provider in the towage sector, recorded an unprecedented net income of US$501 million in 2023, primarily due to its divestiture of port and logistics assets to Hapag-Lloyd.

The deal brought about a net gain of US$422 million for SAAM. The company's annual revenue reached US$540 million, witnessing a 17% growth from the year before. Furthermore, its earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to US$160 million, a 9% increase over the previous year.

Macario Valdés, CEO of SAAM, stated, "The sale of our port terminal and inland logistics operations leaves us in a solid position to move forward on the path we have set for ourselves: to lead the consolidation process in the towage industry and grow in air cargo logistics services. Likewise, throughout 2023 our continuing operations posted solid results and we were able to continue our path of growth."

SAAM Towage, with its presence in nearly 100 ports across 13 countries in the Americas, is recognized as the top operator in its field. Aerosan also operates in eight airports throughout Chile, Colombia, and Ecuador.

Moreover, SAAM's Board of Directors has proposed a dividend payout of US$125 million to be deliberated by shareholders at the annual general meeting, supplementing an interim dividend issued in January 2024. Together, these dividends represent 50% of the net income for the period and, if approved, will mark the highest dividend payout in the company’s history.