Santos Brasil announced a net profit of R$7.7m in 3Q19

Santos Brasil announced a net profit of R$7.7m in 3Q19. In this period, consolidated net revenue totaled R$250.1m and EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$59.4m, with a margin of 23.7%. Recurring pro forma EBITDA was R$42m, with a 16.8% margin.

The Company’s cash balance at September 30 was R$464.2m and net cash of R$3.3m. The company’s investments in the quarter totaled R$24.9m, of which R$19.5m in Tecon Santos was related to the quay expansion project.

According to Santos Brasil’s Economic-Financial and Investor Relations Officer Daniel Pedreira Dorea, the result shows that the Company is on the right track. “If, on the one hand, the economy’s performance was lower than expected, with the Port of Santos practically stable year-on-year, on the other, Santos Brasil has consistently grown at a faster pace, with market share gain and margin recovery. Our expectations are positive in the medium and long term, including from the investments in our main unit, Tecon Santos.”

Operational result

Quay handling at Santos Brasil’s three terminals – Santos (SP), Imbituba (SC), and Vila do Conde (PA) – grew 5.3% in the third quarter of 2019 compared to the same period of 2018, totaling 304,143 containers. In long-haul operations, which accounted for 72.5% of the total handled in 3Q19, the volume of import containers grew 31.9% and the export volume decreased by 7.6% compared to 3Q18. Cabotage operations grew 5.5% and represented 27.5% of the total volume handled.

Tecon Santos handled 262,993 containers in 3Q19, an 8.7% increase over 3Q18. Annualized use of Tecon Santos’ installed capacity in the nine months of the year was 83%. The company maintained its leadership in the Port of Santos, with a 40.3% year-to-date market share (vs. 35.4% in the same period in 2018). Tecon Santos’ growth in 3Q19 surpassed the Port’s growth by more than seven times.

Tecon Imbituba handled 11,740 containers in 3Q19. Long-haul container handling accounted for 3.2% of the terminal’s volume and cabotage operations accounted for 96.8%.

In Tecon Vila do Conde, the volume of containers handled grew 9.3% in 3Q19, reaching 29,410 units. Long-haul operations accounted for 71.3% of total volume and grew 19.6% year on year. Exports grew 17.2% and imports 22%.

TEV handled 39,660 vehicles in 3Q19, 29.3% lower than in 3Q18, reflecting the contraction in domestic imports and the slowdown in exports to Argentina.

Container volumes stored at Santos Brasil Logística fell 4.8% in 3Q19.

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