SAAM has seen a significant upswing in profit, in great part due to a more streamlined business approach.
The Macario Valdes-led owner posted a $14.5m profit for the fourth quarter, up 77% from the same period last year.
For all of 2018, the company's profit fell 16% to $49.6m, in part due to sale of a minority interest in Tramarsa in 2017 for $26m million and non-recurring effects in 2018.
Excluding these effects, net income was up 91% over the prior year.
Revenue for the year increased 6% to $133m, led by a 24% jump in port terminals' results to $272m from volume growth at most terminals, especially Guayaquil and San Antonio.
Towage revenue gained 4% to $189m, thanks to consolidated operations offsetting lower earnings in Brazil due to industry changes in that market.
Logistics revenue declined 15% to $59m.
“The year 2018 was a good period for the company," Valdes said.
"We are already seeing the initial results of our new operating model, with a more simplified organizational structure that brings us closer to our subsidiaries, seeking more efficiencies and better projecting growth, all on a foundation of sustainability and excellence in management."
In February, the company penned an agreement to acquire full ownership of its $201m towage joint venture with Boskalis.
Highlights for 2018 include signing a memorandum of understanding to develop a ro-ro terminal in Alabama, building new port infrastructure in Costa Rica and US, and buying 50% of Transaereo.
“Another achievement that makes us especially proud is our progress on safety matters. Our lost-time injury rate has dropped 71% over the last six years,” added Valdes.
