Chilean maritime services and logistics company SAAM announced its plans to invest some $85 million to reinforce its tug fleet and maintain port equipment and infrastructure.
"In 2018, we expect to invest close to $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,” commented SAAM’s chairman, Óscar Hasbún.
After concluding a high investment cycle last year, the company’s investments this year will focus on ports and its tug fleet. It also elected a new board of directors for the next three years, incorporating Armando Valdivieso Montes as independent director.
For the year 2017, SAAM reported net income of $60.4 million, up 11 percent from $54.5 million in 2016. This figure includes $26 million in extraordinary items, mainly from the sale of its minority interest in Tramarsa (Peru).
Highlights during the period include 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.
Óscar Hasbún added that the company began implementing a new operating model last year, aimed at making the organization 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.
A new board was elected at the meeting. 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 elected as independent directors. This is the first year Mr. Valdivieso will serve on SAAM’s board.