2Q21 net income is the highest in the history of the Port of Santos

The Santos Port Authority (SPA) ended the second quarter with a net income of R$ 98.9 million, a quarterly record for the state-owned company that manages the Port of Santos. Profit more than doubled compared to the same period in 2020 and grew 126.6%. The result was once again driven by the increase in revenue and the drop in costs and expenses.

Net revenue grew 13.3% and reached R$295.8 million, favored by the strong movement of cargo, which continued to break records each month and recorded a 5.3% growth, closing the quarter at 41 million tons.

In addition to the continued good performance of exports, the second quarter was marked by the consolidation in the recovery of imports, especially in containers, where higher value-added cargoes are transported. In the second quarter, the advance was 19.1% compared to the same period last year, reaching a quarterly record of 1.2 million TEU.

At the same time, SPA’s management kept its focus on continuously generating efficiency gains. Recurring general and administrative expenses decreased by 14.8%, a performance supported by several cost rationalization actions.

Earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted for extraordinary events, recorded an increase of 40.4%, reaching R$ 181.6 million. The adjusted EBITDA margin was 61.4%, an increase of 11.8 percentage points compared to the same quarter in 2020.

Gains in operating results contributed to SPA’s ending the second quarter with a net cash position (cash and investments less gross indebtedness) above R$447 million, a significant improvement over the net cash position of R$29.7 million verified in the second quarter of 2020.

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