Q2 2024 Santos Brasil Participacoes SA Earnings Call (English, Portuguese) Transcript
Key Points
- Santos Brasil Participacoes SA (BSP:STBP3) reported a strong growth in container volumes, with a record of 120,000 containers handled in Tecon Santos in July.
- The company experienced a 24% growth in container handling at Tecon Santos compared to the same period last year, driven by a 34% increase in imports and a 24% increase in exports.
- Imbituba port saw a significant growth of 59% in container volumes, attributed to new long-haul services and increased warehousing operations.
- Net revenue increased by 29% year-on-year, reaching BRL703 million, driven by higher volumes and an increase in average ticket prices.
- Recurring EBITDA grew by 57% year-on-year, with a margin close to 50%, indicating strong operational performance and cost management.
- The Vehicle Terminal continues to suffer from reduced demand for light vehicles in South America, impacting overall performance.
- Personnel costs increased due to the hiring of 372 new employees who are still undergoing training, affecting short-term profitability.
- There was a drop in revenue from the export park and warehousing operations, impacting overall financial performance.
- The company faces challenges in hiring stevedores, which could affect operational efficiency if not resolved.
- The anticipated peak season volumes may not fully materialize due to external factors such as global logistics stress and regulatory uncertainties.
Good morning, everyone, and thank you for holding. Welcome to Santos Brasil second-quarter 2024 conference call. With us today, we have Antonio Carlos Sepulveda, the Chief Executive Officer; Daniel Pedreira Dorea, Chief Financial and Investor Relations Officer; and Ricardo dos Santos Buteri, Chief Commercial Officer. (Operator Instructions)
I would like to remind you that the earnings release and presentation are available at the company's Investor Relations website. In addition to the rooms in Portuguese and English, simultaneous translation into Brazilian sign language is also available.
Before proceeding, I emphasize that the forward-looking statements made on the forecasts and operational and financial goals are based on the beliefs and assumptions of the company management and on information currently available. These forward-looking statements involve risks and uncertainties as they relate to future events that may or may not occur. Investors and analysts should understand that overall conditions, industry conditions and other factors could also cause results to differ materially
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