Towage specialist SAAM reported net income from continuing operations of US$59.2 million for 2024, gross operating profit of US$188 million (a 17 per cent increase from 2023) and revenue of US$578 million (seven per cent increase).
During the year, it also completed the process of integrating the assets acquired from Starnav in Brazil and Pertraly in Ecuador.
SAAM reported net income from discontinued operations of US$479 million from its port terminal and inland logistics operations sold in August 2023.
The company also reported that the board of directors agreed to propose a dividend of US$39.2 million to shareholders at the annual general meeting, in addition to the interim dividend of US$20 million distributed in December 2024.
SAAM Towage reported sales of US$483 million and gross operating profit of US$163 million in 2024. Operations in this segment remained stable compared to 2023, mainly due to growth in Brazil and Canada, which offset lower volumes in Panama and Chile.
Time charter days—associated with dedicated towage services at oil, gas and mining terminals—increased by 13 per cent because of contracts in Brazil and St Croix.