Record 3Q21 profit at Port of Santos

Santos Port Authority (SPA), the state-owned company that manages the Port of Santos, ended the third quarter with a net profit of R$ 98.3 million, a new record for the period and a growth of 9.2% over 2020. The strong results were mainly due to increased efficiency in costs and expenses.

Container cargo dominated handling, registering a significant double-digit increase of 21.9% over 3Q20 and reaching 3.6 million TEU year to date (YTD), a new record for the period.

Despite the strong container handling, the total net revenue for the third quarter decreased by 19.2%, explained by two factors: the strong basis for comparison, due to an extraordinary revenue of R$ 58.5 million in 3Q20, and the decreased corn and sugar crop.

The constant effort to optimize efficiency was reflected in the 17% drop in recurring general and administrative expenses, which went from R$33.9 million in 3Q20 to R$28.1 million in 3Q21.

Even with lower revenues, the increased efficiency achieved with the various austerity measures and rationalization of expenditures enabled gains in profitability and cash-generation indicators. Earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted for extraordinary events, increased by 3.7%, reaching R$ 170 million in the third quarter. The adjusted Ebitda margin was 60.9%, increasing 3.7 percentage points in the period.

SPA ended the quarter with a gross cash position of R$1.2 billion, a significant increase of 74.4% compared to the 3Q20 ending cash position.

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