Posted on March 17, 2025
Santiago, March 10, 2025. SAAM [SM SAAM] reported net income from continuing operations of US$59.2 million for 2024, EBITDA of US$188 million (+17% vs. 2023) and revenue of US$578 million (+7%), wrapping up a positive year for the company. 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 US$479 million from its port terminal and inland logistics operations sold in August 2023.
“Overall, the year 2024 was positive. We continued to move forward with our strategy to consolidate our leadership in the towage industry and position ourselves as one of the main air cargo logistics providers in the region. Not only did we complete the process of integrating new assets, but we also worked hard to strengthen our internal capabilities, which will allow us to continue growing in the future,” said SAAM’s CEO, Macario Valdés.
The company also reported that the Board of Directors agreed to propose a dividend of US$ 39,2 million to shareholders at the annual general meeting, in addition to the interim dividend of US$ 20 million distributed in December 2024.
Milestones and detail by business area
The year’s milestones include distributing US$ 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 boasted record results, with sales of US$ 483 million and EBITDA of US$ 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 US$ 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.
