Wilson Sons reports profit of more than R$143 million in the first quarter

Wilson Sons posted net income above R$143 million in the first quarter, 437% higher than in the same period in 2021.

The 437% growth in net income benefited from the exchange rate variation in this quarter, as the real appreciated 15%. But even excluding currency effects, the company reported a net income of R$ 80 million, a growth of 71% compared to the first quarter of 2021.

Net revenues in reais also increased. The increase was more than 4% in the quarter, compared to the same period in 2021. Financial performance was better than operating performance, with the increase in warehousing revenues at the terminals and increase in exports and imports for the international logistics division , Allink, the increase in average revenue per port maneuver in tugs and the new contracts in offshore support bases.

With the increase in the price level in the main businesses, net revenues reached R$ 529 million.

EBITDA also rose to R$239 million, a 4% growth with tugboat results. These were strong with an increase in average revenue per maneuver, despite the drop in operating volume, mainly caused by the reduction in containerized cargo. Net revenue from tugboats increased to R$253.7 million in the first quarter.

“We are pleased to present resilient financial results in this first quarter of the year, despite the challenging scenario that presents itself for 2022, with the worsening of the supply chain crisis and inflationary pressures”, highlights Fernando Salek, CEO of Wilson Sons.

Regarding one of the most relevant topics for the company, Wilson Sons ends the first quarter of 2022 with good rates. The lost-time accident frequency rate closed the 12-month period at 0.23 incidents per one million hours worked, a level below the last quarter.

On the ESG agenda, the company recorded an important advance, with the release of Wilson Sons’ first sustainability report.

Towage revenues rose 2.9% to R$253.7 million, with the increase in average revenue per maneuver, which was 9.7% higher compared to the comparative period. Port maneuvers, mainly in containers, showed a slight drop, which was partially offset by higher volumes of commodities.

The offshore support vessel sector continues to show recovery. The increase in net revenues was over 26%, with an increase in operating days by 12% and an increase in the average daily rate compared to the comparative period.

Another sector worth mentioning in the quarter is Allink. Wilson Sons’ international logistics division showed an increase of almost 73% over the first quarter of 2021 in net revenue, reaching R$ 41.3 million. The sector benefited from high demand and better revenues from both shipowners and terminals.

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