Brazil’s Log-In sets annual record with over BRL 2 bln in revenue

Log-In Logística Intermodal released to the public on March 8 its financial and operating results for the fourth quarter (4Q22), as well as the entire year of 2022. Among the year’s highlights is the historical record set in Net Operating Revenue (NOR) and Adjusted EBITDA, not to mention the purchases of Tecmar Transportes and Olivia Pinto.

The company reported a 48% increase in annual NOR, registering R$ 2.06 billion versus R$ 1.39 billion in 2021. The total revenue value in 4Q22 was R$ 547.5 million, representing a 41.1% increase over R$ 387.9 million in the previous year’s fourth quarter.

The increase in NOR in 4Q22 was determined, above all, by the inclusion of Tecmar Transportes figures and revenue records set in the fourth quarter at the Port Terminal of Vila Velha (TVV) and in the Navigation sector, with emphasis on the Cabotage and Mercosul trades.

Adjusted EBITDA was also relevant in the quarter, showing a growth of 65.9%, from BRL 99.2 million in the fourth quarter of 2021 to BRL 164.5 in 4Q22. In terms of annual data, Adjusted EBITDA reached a new high of R$ 597 million, representing a 63.3% increase over R$ 365.6 million in 2021.

Coastal Navigation

In the fourth quarter, the total NOR of this service grew by 5.9%, reaching BRL＄ 327.3 million. Year-to-date, the figures’ growth was even more expressive: a 17.6% increase with a historical record of approximately BRL 1.28 billion.

Furthermore, Adjusted EBITDA increased by 28.4% in the fourth quarter of 2022 compared to the same period in 2021, from BRL 91.3 million to BRL 117.2 million. Adjusted EBITDA has reached a new high of R$ 446.2 million year to date, representing a 48% increase over R$ 301.5 million in 2021. Log-In also set records in container transport (442.0 thousand TEUs) and cabotage transportation (157.6 thousand TEUs).

The main reasons for the reported growth were the conversion of road freight cargo, the entry of new customers, market diversification, and an improvement in the level of service. Moreover, historical annual revenue records in all trades (Cabotage, Feeder, and Mercosul), the completion of the docking of the Log-In Jacarandá and Log-In Pantanal ships, and a Road Punctuality Index of 94.83% are among the company’s highlights.

Vila Velha Port Terminal (TVV)

The NOR reached R$ 319.1 million in the first twelve months of 2022, a 20.1% increase over the previous year. The EBITDA reached a new high of R$ 149.7 million in 2018, up 25.6% from R$ 119.2 million in 2021.

Compared to 4Q22 data, TVV achieved a NOR of R＄ 78.3 million, which represents an increase of 12.2%, and an EBITDA of R＄ 36.6 million, 30% higher compared to the same period in 2021.

The expansion in storage operations and ancillary services, the capture of new projects and cargo with higher added value, the strategic repositioning of empty containers, the operation of TVV as a multi-purpose terminal, the modernization and expansion of the Terminal’s capacity, as well as diversifying the profile of cargoes and optimizing the operational performance of the teams over the period, are among the main factors responsible for the positive outcome.

According to Log-In’s Director of Terminals, Gustavo Paixão, the results demonstrate the efficacy of the strategy proposed for the Terminal in 2022. “Login has prioritized the transformation of TVV into a multi-purpose and multi-cargo terminal since the beginning of the year. With the completion of the results, it was possible to observe sound decision-making and envision a bright future for TVV’s operations,” the executive notes.

Road freight

In 4Q22, the process of improving the synergy between Tecmar Transportes and Log-In was continuous. As a result, Tecmar’s Adjusted EBITDA grew by 83% compared to 3Q22. For the fourth quarter, the NOR recorded a value of BRL 128.7 million, a growth of 5.5% compared to the previous quarter.

Furthermore, in December 2022, Tecmar Transportes acquired all of the emission quotas of Oliva Pinto Logstica Ltda., Oliva Pinto Locaçes Eirelli, and Transporto Transporte Rodoviário Ltda.

According to Mauricio Alvarenga, Director of Tecmar Transportes, the Oliva Pinto Group supplements road operations with operations in north Brazil, where Tecmar was absent. “This acquisition is part of Log-In’s long-term growth strategy and reinforces the company’s commitment to continuing to make investments, expand its operations, and create value for its shareholders, customers, and society,” he concludes.

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