Profit up at Santos Port Authority as volumes rise

With its privatisation hanging in the balance, Santos Port Authority (SPA) delivered a 38% rise in net profit to R$136m (US$26m) in the third quarter of the year, bolstered by strong volumes.

The performance was mainly driven by a 38% increase in revenue, reflecting an all-time high in cargo volumes of 42.8m tonnes, up 17%.

While the outgoing Bolsonaro administration has prioritised privatisations of port authorities, the SPA process is incomplete with bidding still yet to start, and members of incoming Lula’s campaign team have indicated that the policy will be reversed.