Santos Brasil reports a net profit of R$ 271.7 million in 2021

Santos Brasil ended 4Q21 with a 6.3 percent increase in consolidated handling (vs. 4Q20), totaling 321,663 containers across its three terminals in Santos (SP), Imbituba (SC), and Vila do Conde (PA). Container handling increased despite the unusually high comparison basis (4Q20), owing to the late seasonality of imports at the Port of Santos in 2020 due to the Covid-19 pandemic.

The company handled 1,301,435 containers, up 20.6% year-on-year. Santos Brasil’s operations were fueled by higher cargo volumes and a more balanced cargo mix, emphasizing imports of consumer goods, industrial inputs, automotive components, chemicals, and pharmaceuticals, among other things.

Commodity exports also helped to accelerate container handling at Santos Brasil terminals. Logistica demand has increased, and volumes would have been even higher if not for global bottlenecks in sea and land transport.

Tecon Santos handled 287,930 containers in 4Q21, increasing 7.3% year on year, compared to a 2.8% drop at the Port of Santos during the same period. In total, 1,149,987 containers were handled, up 22.7% over 2021 and higher than the 10.0% increase seen at the Port of Santos. As a result, the company’s market share in the Santos port increased, reaching 39.8% (vs. 36% in 2020).

At Tecon Imbituba, container handling reached 11,225 containers in 4Q21 (+46.3% YoY). TCG Imbituba recorded a volume of 118,281 tonnes of general cargo (+19.8 % YoY) in 4Q21, owing to increased shipments of food commodities and pulp.

Tecon Vila do Conde saw a 15.5% decrease YoY with 22,508 containers handled in 4Q21. The terminal felt the effects of a lack of empty containers for export, which slowed shipments, as well as the Chinese embargo on Brazilian meat. On the other hand, Tecon Vila do Conde grew by 8% after handling 107,867 containers YTD.

Container storage volume at Santos Brasil Logistica totaled 19,991 units (+42.4 percent YoY) in 4Q21, owing to higher imports of full containers at the Port of Santos, as well as greater capture of containers from other terminals for storage at the bonded terminals of Santos and Guaruja.

The Vehicle Terminal (TEV) handled 50,722 units in 4Q21, down 3.4% YoY.

Financial results

In 4Q21, Santos Brasil’s consolidated Net Revenue was R$ 443.5 million (+70.2 % YoY), owing to higher volumes handled, an improvement in the mix of services provided, and, most importantly, an increase in the average ticket across all business units, primarily at Tecon Santos. Consolidated Net Revenue in 2021 was R$ 1.5 billion, a 65% increase over 2020 and a 58% increase over 2019.

In 4Q21, EBITDA was R$158.2 million, up 94.1 % YoY, with a margin of 35.7%. With non-recurring effects excluded, 4Q21 EBITDA was R$ 176.2 million, with a margin of 39.7 %. In 2021, EBITDA totaled R$ 564.0 million (+166.2 % vs. 2020), with a margin of 36.8 %, or R$ 578.5 million regularly (+180.4 % vs. 2020), with a margin of 37.7 %, in line with the management’s maximum Guidance value.

Santos Brasil reported a net income of R$ 113.8 million in 4Q21. Net income was R$271.7 million in 2021, reversing a net loss of R$13.8 million in 2020.

The company announced on 12/16/2021 the payment of interim dividends and interest on equity totaling R$ 224.2 million, and on 03/09/2022, the payment of supplementary dividends totaling R$ 33.9 million, for a total distribution of R$ 258.2 million between dividends and interest on equity, equivalent to R$ 0.30 per share, for the fiscal year 2021.

The total investments made by Santos Brasil in the expansion and modernization of its assets amounted to R＄ 239.8 million in 2021.

The company anticipates that bottlenecks will dissipate and that volumes will grow albeit slowly in 2022.

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