APS Achieves 18.8% Profit Growth in First 9 Months of 2023

The Santos Port Authority (APS) had a net profit of R$ 494 million in the period from January to September 2023, up 18.8% from 2022. The company’s net revenue reached R$ 1.2 billion, growing by 12.1% compared to the previous year.

In the third quarter alone, APS reported a profit of R$ 100.6 million, a gain of R$ 56.7 million. Net revenues reached R$ 396.6 million, a 2.7% increase compared to the third quarter of 2022.

The financial result demonstrated significant gains, rising from a net income of R$ 40.5 million in the third quarter of 2022 to R$ 56.7 million in 2023. This development is mainly attributed to higher returns on financial investments, benefiting from a higher cash position throughout the year and increased interest rates, resulting in significant growth in investment returns.

Recurring Administrative Expenses represented 7.6% of net revenue, a 0.4 percentage point reduction compared to the same period in the previous year. Total property revenues grew by 18.4% in the third quarter of 2023, with a notable 42.5% increase in revenue related to minimum contractual-mandated throughput. Lease revenue increased by 4.1%, reflecting contractual adjustments and the ongoing pursuit of efficient allocation of port areas for transition contracts and new leases.

The final cash position of the Port Authority was R$ 2.3 billion at the end of the quarter, indicating significant growth of 38.0% compared to the situation observed in the third quarter of 2022.

The adjusted EBITDA reached R$ 149.1 million (37.6% margin), showing a 3.5% decrease compared to the third quarter of 2022 (43.5% margin), mainly due to the recognition of additional provisions for the TAC Valongo and updates to civil provisions.

Investment Budget (Capital Expenditures): During the third quarter, investments totaled R$ 3.2 million, focusing on R$ 1.8 million for works on the right bank’s perimetral.

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