Ubico continued his predecessor's policy of making massive concessions to the United Fruit Company, often at a cost to Guatemala. He granted the company  of public land in exchange for a promise to build a port, a promise he later waived. Since its entry into Guatemala, the United Fruit Company had expanded its land-holdings by displacing farmers and converting their farmland to banana plantations. This process accelerated under Ubico's presidency, with the government doing nothing to stop it. The company received import duty and real estate tax exemptions from the government and controlled more land than any other individual or group. It also controlled the sole railroad in the country, the sole facilities capable of producing electricity, and the port facilities at Puerto Barrios on the Atlantic coast.