The port of Santos had a net profit of R$ 135.2 million in the first quarter, up 91% compared to the same period of the previous year and a record, driven by the increase in the movement of agricultural cargo, informed the Santos Port Authority (SPA) this Friday 13).
Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) totaled R$217 million, up 55.4% year-on-year.
Operating net revenue reached R$ 312.96 million, an increase of 23.6% in the same range.
“The performance was favored by the increase in cargo handling, which was also a record for the period,” SPA director Fernando Biral told Reuters.
“We didn’t stop for a single day during the pandemic,” he added.
Cargo handling in the quarter grew 9.6% compared to the first three months of 2021, to 38.67 million tons.
According to the company, the main highlight was the 17% increase in the movement of solid bulk, especially soybeans and corn. The handling of general cargo and liquid bulk also presented growth of 3% and 2.9%, respectively.
Of the total, bulk solids accounted for 50.5% of the cargo handled by the port unit in the quarter, according to the data. SPA also reported that 71.6% of the total cargo handled in the period was for export.
The performance took place during the runoff period of the 2021/22 agricultural crop which, despite being affected by a drought in the southern region of the country, had a strong export performance in the first months of the year, such as February and March.
“We have a very important market share in agricultural products and a significant share in commodities… What we see as growth engines for the future of the port is the continuity of growth in agribusiness”, said the president.
Asked about the effects of the lockdown in China, the biggest buyer of important agricultural products from Brazil such as soy and beef, the SPA president said that no change has yet been noticed, especially in the availability of containers.
“If the crisis lasts for a long time, we will feel it, but not yet,” he commented.
“One way or another, we believe in changes in supply locations. This demand that exists in Brazil for imported products will be met in other ways, some new route will be opened”, he said, citing that importers should seek alternatives if the port crisis worsens in China.
He also pointed out that the port has a privileged position to access Southeast Asia, which improves its competitiveness in relation to other port units in the country.
projections
The director of Administration and Finance at SPA, Marcus Mingoni, added that cargo handling grows by about 5% per year, but for 2022 the expectation is for an increase of 6%.
For net income, the expectation is to reach R$ 500 million, said the executive.
“After a lot of work, the company’s financial health is transformed. We are on another level of governance and results,” she commented.
Biral also said that the Brazilian economy is still considered closed in terms of imports, which tends to change over time and as trade moves forward with other countries, the port of Santos would manage to increase its growth potential.
SPA is a public company linked to the Ministry of Infrastructure (Minfra), in the current privatization process, whose project was presented for public consultation between January and March 2022 and is going to the final stage of analysis by the Federal Audit Court (TCU) , scheduled for the fourth quarter.
Source: CNN Brasil
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