The Santos Port Authority (SPA) has ended 2022 with the best result in its history by recording a net profit of R$547.3 million ($106 million), an increase of 66.3 per cent over 2021.
The SPA’s net revenue reached R$1.4 billion ($270 million), growing 24.1 per cent compared to the previous year.
This parallels the record 10.5 per cent growth in cargo handling in the same period.
It also represents the port’s constant search for efficiency in the optimised allocation of area ports for transition contracts and new leases.
SPA mentioned that its earnings prior to interest, taxes, depreciation, and amortisation (EBITDA) increased by 28.3 per cent to R$752.2 million ($146 million), with a margin of 55.8 per cent.
The excellent results will allow SPA to distribute dividends for the second consecutive year, as well as pay the highest amount in profit sharing to employees in its history.
“The result reflects the structural changes we implemented at the Company, prioritising efficiency and the continuous search for operational improvement,” said Fernando Biral, CEO of SPA.
Last December, the government of Brazil chose to not go ahead with the privatisation of the Port of Santos.
Moreover, the SPA signed a contract this January for the construction of a new data centre in partnership with Brazilian engineering company, Zeittec.