Image: Wilson Sons’ container terminal, Rio Grande
Wilson Sons, the Brazilian titan in port and maritime logistics, has announced a staggering 23% surge in profit during the first half of this year, marking a substantial rise from the same period in 2022. The company’s profit reached an impressive R$197 million, reflecting its dominant position in the industry. Moreover, the second quarter of 2023 witnessed a meteoric rise in profit, skyrocketing by a remarkable 583% in comparison to the same timeframe last year.
With net revenues crossing the R$1.2 billion threshold in the initial six months of the year, Wilson Sons achieved a remarkable 9% growth compared to the previous year’s performance. This positive momentum carried over to the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) figure, which reached an admirable R$497 million, showcasing a notable 13% increase over the comparative period.
Wilson Sons, prominently listed on B3’s Novo Mercado segment under the ticker PORT3, divulged these remarkable financial results on Wednesday, August 9th, following the cessation of trading activities on the Brazilian stock exchange.
The company attributes these remarkable results to several key factors, primarily the outstanding performance in towage operations, buoyed by increased volume, higher average revenue per maneuver, and successful execution of special operations. Furthermore, the substantial growth in the container terminal sector, particularly the Rio Grande container terminal, played a pivotal role in driving these positive outcomes. This impressive expansion was notably propelled by robust volume recovery in the Rio Grande terminal (RS) and the vigorous resurgence of offshore energy-linked services.
In terms of towage EBITDA, a commendable 10% surge was recorded during the first half of the current year. Notably, Wilson Sons bolstered its fleet with the inclusion of the state-of-the-art 91-tonne bollard pull tug WS Rosalvo in April, stationed at the Açu port (Northern Rio) to service sizable iron ore carriers and tankers. Subsequently, in July, the company implemented an innovative tugboat fleet management system in collaboration with Argonáutica, a renowned digital solutions provider in the maritime and port sectors. This strategic move aims to continually enhance operational efficiency and elevate service quality for the esteemed clientele.
With a resounding success in the first half of the year, Wilson Sons’ container terminal in Rio Grande exhibited remarkable growth in various segments, including exports, imports, inland navigation, and transshipment. Notably, container terminal revenues witnessed a commendable 6% uptick, accompanied by a 7% volume increase, leading to a 1% EBITDA rise. The Rio Grande terminal witnessed an astounding 12% overall handling surge, chiefly attributed to increased empty containers and robust flows in exports, inland navigation, imports, and transshipment.
Remarkably, the Salvador terminal maintained stable volumes, as the surge in empty containers, cabotage, and export flows effectively counterbalanced a dip in imports and transshipment activities. The anticipated completion of the quay reinforcement project in August 2023 is poised to amplify service quality at the Salvador terminal throughout the latter half of the year.
The offshore energy-related services segment showcased significant growth during the initial half of the year. Vessel turnarounds at offshore support bases witnessed a notable 68% upswing, propelled by Enauta’s drilling campaign initiation in Q4 2022, a fresh contract inked with 3R Petroleum in Q1 2023, and a surge in spot activity. Furthermore, the offshore vessels joint venture experienced an 18% rise in days in operation compared to the previous year, bolstered by heightened activity in both owned and chartered vessels.
Fernando Salek, the CEO of Wilson Sons, expressed optimism in the company’s outlook, highlighting robust organic growth across various sectors. Salek emphasized the potent combination of trade flow-centric ventures like towage and container terminals, along with the burgeoning demand for offshore energy-linked services, as the driving force behind the company’s exceptional performance. In a favorable market environment, Salek remains confident that a steadfast focus on safety, optimal asset utilization, cost control, and disciplined capital allocation will continue to yield resounding results, benefiting both clients and stakeholders.
