Santos Port Authority (SPA), the state-owned company that manages the Port of Santos, ended the third quarter with a net profit of R$ 98.3 million, a new record for the period and a growth of 9.2% over 2020. The strong results were mainly due to increased efficiency in costs and expenses. The constant effort to optimize efficiency was reflected in the 17% drop in recurring general and administrative expenses, which went from R$33.9 million in 3Q20 to R$28.1 million in 3Q21. The increased efficiency achieved with the various austerity measures and rationalization of expenditures enabled gains in profitability and cash-generation indicators. Earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted for extraordinary events, increased by 3.7%, reaching R$ 170 million in the third quarter. The adjusted Ebitda margin was 60.9%, increasing 3.7 percentage points in the period. SPA ended the quarter with a gross cash position of R$1.2 billion, a significant increase of 74.4% compared to the 3Q20 ending cash position.
Source: Datamar News