After three consecutive years with positive numbers, the logistics firm Carbolcor —which Ancap manages in Argentina— once again had an accounting exercise in red. The company’s balance sheet for 2021 recorded a loss of 44.2 million Argentine pesos (about US$465,000 at the average exchange rate for the year).
The public report shows that in the first six months of the year and due to the extension of some of the restrictions due to the pandemic “The context was favorable for the fuel storage business in conditions similar to 2020.” Meanwhile, the storage of chemical products remained with few movements and without major signs of reactivation. This drop was offset in part of the year by a greater storage of agro-industrial products where the export movements of vegetable oleins and fatty products were strengthened, explains the company’s annual report.
Meanwhile, over the second semester “the reactivation of fuel consumption in the national market was evidenced, drastically lowering the demand for storage in the terminal, leaving an idle capacity of more than 50%. And it adds that “although the occupied capacity of LPG storage remained stable at 74% of the available capacity, new pumping operations between companies and a sustained flow of truck cargo allowed for a slight increase in the income of this sector.”
The firm cut a streak of three consecutive years with positive numbers after earning US $ 5.9 million in the 2018 financial yearUS$1.3 million in 2019 and US$1.6 million in 2020. Between 2013 and 2017, the company accumulated losses of about US$66.4 million.
At the beginning of last year, Ancap rejected the million-dollar offer from the Pure Life General Trading group of the United Arab Emirates, which offered to buy Carboclor for US$45 million. The entity defined as “unsatisfactory” the origin of the funds. The offer made by the Arab group almost doubled its market value at the time of about US$25 million.
Also in September of last year there was an offer by the company Vitol Tank Terminals International for the purchase of all the shares of Carbolcor in the hands of Ancsol. This firm offered to pay the price listed on the stock exchange and in Argentine pesos in Argentina. Ancap argued that there was no way to repatriate the result of the eventual sale under acceptable risk conditionsas he knew The Observer. At that time there was a counter offer where a figure of about US$ 15 million was handled to carry out the transaction, which also did not reach an agreement because the buyer insisted that the payment be made in Argentine territory.
Ancap owns 84.11% of Carboclor’s shares through the corporation, Ancsol. The remaining 15.89% correspond to minority shareholders before the National Securities Commission (CNV) of the neighboring shore.
The entity closed its petrochemical business in Carboclor in 2016 to focus solely on the logistics business, after a series of millionaire losses between 2013 and 2017. The company has a port in the city of Campana on the Paraná River, which is today its main active.
“Taking into account the macroeconomic variables, management will continue to focus on strategies aimed at increasing the profitability of the business with a focus on controlling operating costs and increasing and diversifying revenues, increasing efforts to obtain long-term contracts. that ensure a better projection and stability of the business”, says the annual report of the company. See here the complete balance
