The Santos Port Authority (SPA) has published its financial results for 2021, posting the best results in its history.
Last year, the port authority saw its net income amount to R$329.1 million ($66.9 million), up 62.6 per cent over its results for 2020.
The state-owned company’s net revenue came in at R$1.1 billion ($223.9 million) in 2021, a slight decline of 0.3 per cent from the previous year.
Recurring administrative expenses fell by 15.1 per cent on annual basis, ending the year at R$112.6 million ($22.9 million).
Recurring operating costs also dropped by 1.2 per cent to just R$347.9 million ($70.8 million).
The SPA’s EBITDA increased by 20.1 per cent and reached R$603.5 million ($112.8 million), with a margin of 54.4 per cent, an increase of 6.7 percentage points over 2020.
The successful annual results were partially driven by significant growth in its container sector in 2021, as the Port of Santos handled a record of 4.8 million TEU.
“The result reflects the structural changes that we are undertaking in the Company through the continuous search for efficiency without sacrificing quality in the provision of services. It was, once again, a year of great achievements that will contribute to ensuring the status of the Port of Santos as an irreplicable asset of Brazilian infrastructure,” said Fernando Biral, CEO of the SPA.
Some of the company’s operational highlights from the last year include gaining approval from the Brazilian Navy to receive vessels of 366 metres in length, projecting a boost of up to 7.9 million TEU by 2040.
In September, the SPA received presentations from four authorised companies delving into how the use of long-range wireless networks might improve the infrastructure at the Port of Santos.