ICTSI Nets $465.1M

International Container Terminal Services, Inc. (ICTSI) posted $1.64 billion in revenue from its port operations in the first nine months of 2022, up 20% versus the same period last year.

Photo Insert: “We have delivered seven consecutive quarters of double-digit consolidated revenue growth which has helped offset inflationary pressure with our excellent performance being driven by volume growth, cost control and operating discipline,” says Enrique K. Razon, Jr., ICTSI chairman and president.

The company netted $465.1 million earnings, 47% more, due to higher operating income, net foreign exchange gain, equity share in net profit of joint ventures, and interest income. ICTSI’s earnings before interest, taxes, depreciation and amortization (EBITDA) was $1.04 billion, up 25%.

Diluted earnings per share for the first nine months of 2022 was 63% higher at $0.215 compared to $0.132 in the same period in 2021.

ICTSI handled consolidated volume of 8,856,303 twenty-foot equivalent units (TEUs) in the first nine months of 2022, up seven percent.

The increase in volume was primarily due to volume growth and improvement in trade activities as economies continue to recover from the impact of the COVID-19 pandemic and lockdown restrictions.

New shipping lines and services at certain terminals, as well as Manila North Harbour Port, Inc. (MNHPI) and International Container Terminal Services Nigeria Ltd. (ICTSNL), the company’s new terminal in Port of Onne, Nigeria, also contributed to the increased income.

“We have delivered seven consecutive quarters of double-digit consolidated revenue growth which has helped offset inflationary pressure with our excellent performance being driven by volume growth, cost control and operating discipline,” says Enrique K. Razon, Jr., ICTSI chairman and president.

“We remain mindful of the macro-economic environment and the potential impact this may have on our business but remain confident that we are well-positioned to navigate these headwinds through our agility, diversified portfolio, and strong balance sheet,” he elaborated.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic