International Container Terminal Services Inc. (ICTSI) has posted revenue from its global port operations, boasting strong operational and financial results amidst external challenges.
ICTSI registered revenue of $1.06 billion, an increase of 20 per cent from the $882.6 million reported for the first six months of 2021.
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) came at $672.1 million, 26 per cent higher than last year’s figures, while net income attributable to equity holders reached $294.5 million, a 50 per cent gain year-on-year.
For the quarter ended 30 June, revenue from global port operations increased 20 per cent according to ICTSI’s report, as EBITDA grew 25 per cent and net income came at $152.2 million, accounting for a 43 per cent increase compared to the same period in 2021.
Gross revenues from ICTSI’s global port operations increased by 20 per cent to $1.062.9 billion for the first half of 2022, mainly due to volume growth at most terminals as reported by the company.
Turning to the container sector, ICTSI handled a total of 5,752,582 TEU in the first six months of 2022, 5 per cent more compared to the 5,459,523 TEU handled in the same period in 2021.
According to ICTSI, the result was primarily driven by general volume growth and improvement in trade activities as economies recover from the impact of the COVID-19 pandemic and lockdown restrictions.
In Q2, total throughput was 6 per cent higher at 2,919,581 TEU compared to last year.
The company disclosed that higher revenues were also supported from ancillary services and contribution of its new terminals Manila Harbor Center Port Services, Inc. (MHCPSI) in the Philippines, International Container Terminal Services Nigeria Ltd. (ICTSNL) in Nigeria and IRB Logistica in Brazil.
“We have delivered another period of strong operational and financial results across our global portfolio with throughput growth of 5 per cent […] as economies recover from the impact of lockdown restrictions and the COVID-19 pandemic,” said Enrique K. Razon, Jr., ICTSI Chairman and President.
“Despite these external challenges, we remain confident in driving growth across our global business and generating long-term sustainable value for the benefit of all our stakeholders.”
This demonstrates a 24 per cent increase over the $1.51 billion in revenue reported in 2020. The results were driven by significant volume growth and improvement in trade activities at most terminals.