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Port of Santos achieves increased financial figures amid record cargo volumes

Santos Port Authority (SPA) ended the third quarter with a net income of US$25.5 million, representing a growth of 38.3% compared to the same period in 2021.

According to SPA, this significant increase was mainly driven by increased revenue, reflecting the strong movement of cargo in the Brazilian port.

Port of Santos recorded its best performance in history for a single quarter, reaching 42.8 million tons, an increase of 17.2% compared to the same quarter last year.

In the meantime, in the first nine months of the year, SPA's net income increased 55.2% over the same period of 2021 and totaled US$78.1 million, surpassing the result for the full year 2021, when the port authority reported a net income of US$61.7 million.

Additionally, Port of Santos has announced net revenue of US$72.4 million in the third quarter, which translates to a year-on-year increase of 38.2%. The total costs of the quarter were impacted by the strong maintenance dredging campaign carried out in these three months and increased 76.1% to US$27.6 million.

Furthermore, the port's earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for extraordinary events related to extraordinary revenues and terminations, fell 9.9% to US$28.9 million with a margin of 43.4%, reflecting the impact of the increase in dredging expenses in the third quarter of the year. In the first nine months of 2022, adjusted EBITDA grew 16.2%, reaching approximately US$107.6 million with a margin of 56.8%.

The director of administration and finance of SPA, Marcus Mingoni, commented, "The successive advances in the rationalization of expenses and optimization of revenues allowed the Company to achieve a level of high-level efficiency, allowing to absorb impacts of the magnitude that were the strong maintenance dredging expenses in the period and, still, record the best profit for the third quarter of port's history."

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