Algoma Central Corporation Reports Strong Operating Results for the 2020 Financial Year
Algoma Central Corporation, a leading provider of marine transportation services, announced its results for the year ended December 31, 2020. (All amounts reported below are in thousands of Canadian dollars, except for per share data and where the context dictates otherwise.)
Algoma is reporting very strong financial results for 2020, a year in which a global pandemic introduced a number of economic and operating challenges. As a marine transportation company and a provider of critical marine infrastructure, the Company is a key link in our customers’ supply chains. Algoma, along with others in the industry, was deemed an essential service and the Company operated throughout the pandemic. In the face of these unprecedented operating conditions, the Company delivered a 16% increase in EBITDA, and a 92% increase in earnings per share (29% increase on an adjusted basis – see Management’s Discussion and Analysis).