SPA’s net income in 1Q22 grew 91% and reached R$135.2 million

Santos Port Authority (SPA), the state-owned company that manages the Port of Santos, ended the first quarter with a net income of R$135.2 million, an increase of 91% over the same period in 2021, making it the company’s highest quarterly result in history.

The expressive result was driven by a combination of increases in revenue and drops in costs, made possible by the focus on efficiency, austerity, and rationalization of resources to which the company is currently committed.

This performance allowed SPA to end the quarter with a cash position of R$1.6 billion, increasing 72.8% year on year.

See below the track record of Brazilian exports of containerized cargo via the Port of Santos from January 2021 to March 2022. These data are from Datamar’s DataLiner.

Containerized Cargo at the Port of Santos | Jan 2021 – Mar 2022 | TEUS

Source: DataLiner (click here to request a demo)

SPA’s net revenue grew 23.6% in the first quarter, reaching R$313.0 million, a result favored mainly by the increase in cargo handling (+9.6%), a new record for the period.

In the first quarter, expenses accounted for 8.4% of revenues, up 1.6 percentage points from the same period last year.

Earnings before interest, taxes, depreciation, and amortization (Ebitda), adjusted for extraordinary events, increased 55.4%, reaching R$ 216.9 million, with a margin of 69.3%, a growth of 14.2 percentage points compared to 1Q21.

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