Sociedad Matriz SAAM (SMSAAM) Q4 2024 earnings summary

Executive summary

• Achieved consolidated revenues of US$578 million in 2024, up 7% year-over-year, with EBITDA rising 17% to US$188 million and net income from continuing operations surging 136% to US$59–60.2 million compared to 2023.

• Operations span 13 countries and 104 ports in towage, and 3 countries and 8 airports in air cargo logistics, positioning as a leading operator in the Americas.

• Strategic focus on consolidating towage leadership and expanding air cargo logistics, with successful integration of new assets and operational improvements.

• Key milestones include long-term contract renewals in Brazil, new line boats in Vancouver, and expanded operations with major airlines in Santiago and Bogotá.

• Sustainability strategy to 2030 launched, targeting carbon neutrality and enhanced ESG standards, with selection for the Dow Jones Sustainability Index for the seventh consecutive year.

Financial highlights

• Revenues increased 7% year-over-year to US$578 million; EBITDA up 17% to US$188 million; net income from continuing operations up 136% to US$59–60.2 million.

• EBITDA margin improved to 32.6% in 2024 from 29.7% in 2023.

• Operating income rose 29% year-over-year to US$82.8 million.

• Total assets decreased 18% to US$1.78 billion, mainly due to dividend and tax payments related to the 2023 asset sale.

• Cash and cash equivalents at year-end were US$487 million, down from US$865 million.

Outlook and guidance

• Planned investments of approximately US$80 million focused on new towage vessels, major vessel maintenance, and sustainability projects.

• Expect gradual normalization of activity and margins, with recovery in Panama Canal transits and South American markets.

• Continued pursuit of organic and inorganic growth, with active participation in industry consolidation and new contract opportunities.

• Ongoing investments in fleet and technology, including electric tugboats and SAP implementation.

• Focus on leveraging strengthened internal capabilities for growth in towage and air logistics.