Santos Brasil posts net profit of BRL 504.3 million in 2023

Santos Brasil closed out 2023 with a net profit of R$ 504.3 million, marking a 17.4% increase compared to 2022. The EBITDA reached R$ 1 billion for the year, representing a 23.5% increase from the previous year and the highest nominal level in the company’s history. The EBITDA margin for the year was 47%, reflecting a gain of approximately five percentage points year-on-year. Consolidated net revenue reached R$ 2.1 billion.

In 2023, payouts distributed to shareholders totaled R$ 479.1 million, comprising R$ 337.0 million in dividends and R$ 142.1 million in Interest on Own Capital (JCP), equivalent to R$ 0.55 per share and a payout of 95% of the net profit for the year.

Throughout the year, Santos Brasil invested R$ 631.3 million in expanding capacity, acquiring technology and equipment, and updating and modernizing its current infrastructure. Key investments include Tecon Santos (SP) with R$ 302.3 million, liquid bulk terminals in Itaqui (MA) with R$ 236 million, Tecon Vila do Conde (PA) with R$ 65.7 million, and Santos Brasil Logística with R$ 24.2 million.

Despite a challenging year in terms of volume, with a consolidated movement of 1,218,580 containers across its three container terminals – Santos, Imbituba, and Vila do Conde – marking a 6.2% decrease year-on-year, Santos Brasil demonstrated solid economic-financial performance.

Daniel Pedreira Dorea, Economic-Financial Director and Investor Relations of Santos Brasil, emphasizes that despite the challenging year in terms of volumes, the Company demonstrated solid economic-financial performance, with annual growth in key indicators, mainly due to rigorous resource allocation, cost and expense management, and improved average ticket in dock and storage activities.

According to Dorea, expectations for 2024 are very positive, with an improvement in volume dynamics, especially in the Port of Santos, which begins the year with four new contracts. Three of them are for weekly services on long-haul routes, with the carriers MSC and ZIM, in addition to a new coastal service with Norcoast. “In addition to this, the new contract signed for Tecon Imbituba, in Santa Catarina, with CMA CGM, which expands the range of services for users of the Port of Imbituba, now with a long-haul line,” he says.

Dorea also emphasized, “It would not surprise us if Santos Brasil grows by double digits in terms of volume handled in 2024, compared to 2023. We are prepared for this and continue to invest in expanding the capacity of our operational units, with investments expected to exceed R$700 million this year.”

4Q23

In the fourth quarter of 2023, Santos Brasil’s Container Terminals handled 335,133 units, marking a 13.2% increase year-on-year, with long-haul routes accounting for 83.5% of container movement. Tecon Santos handled 287,839 containers in the quarter, reflecting growth in imports and coastal shipping. Tecon Imbituba recorded a 21.0% increase in container movement, while Tecon Vila do Conde saw a 34.0% increase, despite operational limitations due to drought in the Amazon Basin.

In 4Q23, Santos Brasil Logística stored 15,703 units, with an 8.0% YoY decrease in stored volumes in CLIA and a 30.9% decrease in Distribution Centers, due to the downturn in the automotive sector. TEV handled 49,079 vehicles (-24.5% YoY), reflecting lower exports of light vehicles to Mercosur countries, such as Argentina and Colombia.

Regarding the economic-financial results, 4Q23 showed a 43.3% YoY growth in net revenue, totaling R$ 667 million. Consolidated EBITDA amounted to R$ 366.8 million, with an EBITDA margin of 55.0% (+12.7 p.p. YoY), and net income reached R$ 225 million (+66.0% YoY), with a net margin of 33.7%.

Sharing is caring!