Santos reports record-breaking profits in 2020

Santos Port Authority (SPA) ended the 2020 fiscal year with the best profit in its history by recording net income of R$ 202.5 million, up 132% over 2019, when it closed with a gain of R$ 87.3 million before adjustments from previous years. According to the company, the performance reflects its cost-saving measures and rationalization actions.  It is expected that the port will be privatized in 2022. It is also the first time SPA has been in the black for two consecutive years since 2014.

Net revenue grew 15%, to R$ 1.1 billion, driven by Brazilian agribusiness, which set a new record for cargo handling, advancing 9.4% over the previous year and reaching 146.6 million tons.

The various efforts to optimize expenses, review processes, and reduce costs significantly favored the result. Recurring administrative expenses declined sharply and showed a 16% drop on an annual basis. Routine operating expenses grew by 4.2%, below the increase seen in revenues, which resulted in a gain of 1.6 percentage points in the cost/net revenue ratio, indicating greater operational efficiency.

Earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted for extraordinary events, increased 48.8% and reached R$ 502.7 million, a profit margin of 47.5% and an increase of 12.6 percentage points compared to the previous year.

For more information about the fiscal year 2020, access the Annual Report: http://www.portodesantos.com.br/wp-content/uploads/RA2020-com-links.pdf

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