ICTSI rakes in all-time high income as global trade rebounds

Manila International Container Terminal at the Port of Manila, Philippines

More cargo movements due to improving trading activities allowed International Container Terminal Services Inc. (ICTSI) to end 2022 with a record-high bottom line of $618.46 million.

In a statement on Monday, the Razon-led port operator reported a 44-percent growth in net income attributable to equity holders last year, driven by higher operating income.

Consolidated revenues for the period rose by 20 percent to $2.24 billion while earnings before interest, taxes, depreciation and amortization climbed by 24 percent to P1.41 billion.

Last year, ICTSI handled a volume of 12.22 million twenty-foot equivalent units (TEU), showing 9-percent growth from 11.16 million TEUs in 2021. The heavier volume was attributed to the easing of mobility restrictions that permitted more economic activities.

“While the weaker economic backdrop continues, our business fundamentals remain constructive and we remain strongly positioned to deliver sustainable growth,” ICTSI chair and president Enrique Razon Jr. said.

Enrique Razon Jr.

Capital outlays

The listed company spent $386.35 million in capital expenditures last year for the expansion of operations locally and in Australia, Mexico and Madagascar.

This year, the port operator is earmarking $400 million for its capital outlays. It will be spent on equipment acquisitions and upgrades as well as maintenance requirements, in addition to ongoing expansion plans.

Currently, the Berth 8 of ICTSI’s Manila International Container Terminal is undergoing development that will increase capacity by 200,000 TEUs to 3.5 million TEUs.

A sixth crane is also set to arrive by July. It will be operational within the year. INQ

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