APS Financial Results Grow in Q3

The financial results for the Port Authority of Santos (APS), responsible for the public infrastructure at the Port of Santos, show strong operational and financial performance for Q3 2024 (3Q24). The period was marked by significant growth in adjusted EBITDA margin, a sharp increase in cash position, and progress in executing its concession and leasing agenda.

APS President Anderson Pomini stated that with these robust financial results, “APS consolidates itself as a strategic agent for developing port infrastructure in Brazil. The Port’s recovery, with good governance, administrative efficiency, implementation of new projects, financial health, and alignment with market needs, strengthens the Port Authority, projecting a future of growth and innovation for the Port of Santos.”

APS recorded Net Revenue of R$ 420.9 million in 3Q24, an increase of 6.1% compared to 3Q23 and a 5.9% rise year-to-date. Gross Profit grew by 10% over the same period last year.

Adjusted EBITDA for 3Q24 was R$ 234.6 million, with a margin of 55.7%, reflecting an 18.1 percentage point increase from 3Q23 (37.6%). This growth contributed to a 93.5% rise in net profit, demonstrating APS’s ability to generate value from its assets and operations.

APS’s debt results were also positive. The net cash/EBITDA ratio reached 2.7x in 3Q24, an improvement from 2.1x in 3Q23. This ratio reflects APS’s strong financial position and ability to generate sufficient cash to cover its debt, consolidating the authority as financially stable and independent.

Real estate revenues grew by 17.8%, with a notable 33.4% increase from minimum contractual movement (MMC). Leasing revenue rose 5.3%, reflecting contractual adjustments and a constant effort to optimize the allocation of port areas for transitional contracts and new leases.

Total net tariff revenues dropped 3.2%, mainly due to new strategic tariff discounts, such as for passenger transport and “green” ships, granted under the Aquatic and Land Infrastructure Tariff, which has been in effect since late 2023.

Cargo throughput in 3Q24 reached 48.3 million tons, a 3.3% increase compared to 3Q23. During the third quarter, 1,518 ships operated at the Port of Santos, a 0.9% growth over 3Q23. The dock utilization rate increased by 3.7 percentage points in 3Q24 compared to last year.

The chart below shows the performance of container exports and imports at the Port of Santos between January 2022 and September 2024, measured in Twenty-Foot Equivalent Units (TEUs). The data is from DataLiner, a product developed by Datamar, and considers only long-haul shipments, excluding cabotage and transshipment operations.

Container Exports and Imports at Santos | Jan 2022 – Sep 2024 | TEUs

Source: DataLiner (click here to request a demo)

During 3Q24, APS invested R$22.1 million, with highlights for infrastructure works on the right bank perimeter road (R$7.8 million) and dredging for berth deepening (R$7.4 million). APS has consistently demonstrated financial independence from the federal budget for its investment activities, sustaining a financial management strategy that ensures autonomy and the ability to reinvest resources generated by its own operations.

APS continues its efforts to expand and modernize the Port of Santos. On November 6, a public hearing was held for the leasing of the STS 08 area, aimed at increasing the liquid bulk tanking capacity, particularly for fuels. APS expects that after the contribution period, the bidding process will be submitted to the Federal Court of Accounts (TCU), and the auction will be held at B3, the São Paulo Stock Exchange.

Among APS’s operational highlights for the quarter is the continuation of restoration and preservation works on the Valongo-Paquetá area and the Valongo Park, focusing on revitalizing historic spaces and promoting the Port’s integration with the city. APS also made progress in the economic-financial rebalancing of lease contracts, ensuring the viability and sustainability of port operations.

Furthermore, the company continued its public competition process to strengthen its organizational structure with qualified professionals, fostering greater efficiency in the management and operation of the Port.

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