Revenue $72.0 million in Q1 2024 $65.1 million in Q1 2023 Profit $8.1 million in Q1 2024 $1.6 million in Q1 2023 EBITDA, a Non-IFRS measure $28.7 million in Q1 2024 $26.9 million in Q1 2023 MONTEVIDEO, Uruguay, May 23, 2024 (GLOBE NEWSWIRE) -- Navios South American Logistics Inc. ("Navios Logistics" or the "Company"), one of the largest infrastructure and logistics companies in the Hidrovia region of South America, today reported its financial results for the first quarter ended March 31, 2024. Angeliki Frangou, Chairwoman, stated, "We are pleased with the results for the first quarter ended March 31, 2024. Our revenue, EBITDA and profit improved compared to the first quarter ended March 31, 2023 and regional dynamics support further growth." George Akhniotis, Chief Executive Officer, continued, "We have unique infrastructure assets in the region and recently inaugurated a new liquid terminal in Nueva Palmira. Our terminals provided about 68% of our EBITDA and are complemented by our barge fleet for river transportation, which provided about 22% of our EBITDA, and product tanker fleet for coastal cabotage trade, which provided the remaining 10%." Operating Highlights In April 2024, Navios Logistics inaugurated a new liquid port in Nueva Palmira, Uruguay. The new liquid bulk terminal includes a tank farm that, in its first stage, offers 37,000 m3 static storage capacity, comprising of two tanks of 15,000 m3 and one of 7,000 m3. The tanks are designed to handle among other products, biofuels and vegetable oils exported from Uruguay and the Hidrovia region of South America. Navios Logistics has available space to increase storage capacity to about 140,000 m3 to meet customers' future demand. The new liquid terminal infrastructure also includes a new pier to receive tank barges, connections of the tank farm with the barge and the ocean-going vessel piers and auxiliary facilities. Grain port transshipments for the period ended March 31, 2024 increased to 0.9 million tons, compared to 0.6 million tons for the same period in 2023, driven by increased Uruguayan exports of wheat and barley. For the remaining nine-month period ended 2024, Navios Logistics has fixed 85% of the available days of the cabotage vessels, expecting to generate a time charter equivalent of $26,523 per day per vessel. Bond repayments Year-to-date, Navios Logistics has repurchased $21.5 million of its senior secured notes due 2025 ("the 2025 Notes"), for total cash of $21.9 million including accrued and unpaid interest to, but excluding, the repayment dates. Following these repurchases, $478.5 million of the 2025 Notes, which mature in July 2025, remain outstanding. Non-IFRS Measures EBITDA of Navios Logistics is a Non-IFRS financial measures and should not be used in isolation or as a substitute for results calculated in accordance with IFRS. See Exhibit I under the heading, "Disclosure of Non-IFRS Financial Measures," for a discussion of Navios Logistics' EBITDA, and a reconciliation of such measures to profit, the most comparable measure calculated under IFRS. Earnings Highlights First Quarter 2024 and 2023 Results (in thousands of U.S. dollars):The first quarter 2024 and 2023 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.     Three-Month Period EndedMarch 31, 2024(unaudited) Three-Month Period EndedMarch 31, 2023(unaudited) Navios Logistics Revenue $ 71,966   $ 65,080   EBITDA $ 28,671   $ 26,905   Profit $ 8,093   $ 1,592   Port Terminals Revenue $ 32,181   $ 30,911   EBITDA $ 21,707   $ 20,837   Barge Business Revenue $ 27,365   $ 22,565   EBITDA $ 4,841   $ 3,880   Cabotage Business Revenue $ 12,420   $ 11,604   EBITDA $ 2,123   $ 2,188                   Revenue was $72.0 million for the three-month period ended March 31, 2024, as compared to $65.1 million for the same period in 2023. The increase was attributable to: (i) a $4.8 million increase in revenue from the Barge Business mainly attributable to higher revenue from time charter-out contracts and higher volumes of liquid cargo moved; (ii) a $2.3 million increase in revenue from the Port Terminal Business, mainly attributable to higher volumes transshipped at the Grain Port Terminal; (iii) a $0.8 million increase in revenue from the Cabotage Business, mainly due to higher time charter rates. The overall increase was partially offset by a $1.0 million decrease in sale of fuel products. Profit was $8.1 million for the three-month period ended March 31, 2024, as compared to a $1.6 million profit for the same period in 2023. This increase in profit was mainly due to: (i) a $5.8 million increase in income tax benefit, mainly due to a non-cash deferred income tax gain; (ii) a $1.8 million increase in EBITDA as discussed below; and (iii) a $0.4 million increase in finance income. The overall increase was partially offset by: (i) a $0.9 million increase in finance costs; and (ii) a $0.6 million increase in depreciation and amortization. EBITDA for the three-month period ended March 31, 2024 increased by $1.8 million to $28.7 million, as compared to $26.9 million for the same period in 2023. On a per segment basis, EBITDA in the Barge Business increased by $1.0 million; EBITDA in the Port Terminal Business increased by $0.9 million; and EBITDA in the Cabotage Business was almost stable at $2.1 million. Conference Call: As previously announced, Navios Logistics will host a conference call today, May 23, 2024, at 8:30 am ET, at which time Navios Logistics' senior management will provide highlights and commentary on earnings results for the first quarter ended March 31, 2024. A supplemental slide presentation will be available on the Navios Logistics website at www.navios-logistics.com under the "Investors" section by 8:00 am ET on the day of the call. Conference Call details: Call Date/Time: Thursday, May 23, 2024 at 8:30 am ETCall Title: Navios Logistics Q1 2024 Financial Results Conference CalUS Dial In: +1. 800.225.9448International Dial In: +1.203.518.9708Conference ID: NSALQ124 The conference call replay will be available shortly after the live call and remain available for one week at the following numbers: US Replay Dial In: +1.888.566.0860International Replay Dial In: +1.402.220.0456 This call will be simultaneously Webcast. The Webcast will be available on the Navios Logistics website, www.navios-logistics.com, under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call. About Navios South American Logistics Inc. Navios South American Logistics Inc. is one of the largest infrastructure and logistics companies in the Hidrovia region of South America, focusing on the Hidrovia region river system, the main navigable river system in the region, and on cabotage trades along the southeastern coast of South America. Navios Logistics serves the storage and marine transportation needs of its petroleum, agricultural and mining customers through its port terminals, river barge and coastal cabotage operations. For more information about Navios Logistics, please visit its website: www.navios-logistics.com. Forward Looking Statements - Safe Harbor This presentation contains and our earnings call will contain forward-looking statements within the meaning of the Private Securities Reform Act of 1995. All statements herein other than statements of historical fact, including statements regarding business and industry prospects or future results of operations or financial position, expected revenue to be generated from time charter contracts currently in effect and expected TCE for fixed available days, should be considered forward-looking. Words such as "may," "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Navios Logistics at the time this filing was made. Although Navios Logistics believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Logistics. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, risks relating to: global and regional economic and political conditions; changes in demand for the transportation or storage of grain and mineral commodities and petroleum products; the development of Navios Logistics' planned Port Murtinho Terminal and ...