International Container Terminal Services, Inc. (ICTSI) has reported unaudited consolidated financial results for the nine months of 2022, posting revenue from port operations of $1.64 billion.
The sum stands for an increase of 20 per cent from the $1.37 billion reported for the same period in 2021.
EBITDA came at $1.04 billion, 25 per cent higher than the $829.4 million generated the first three quarters last year.
Total net income was $507 million, an increase of 44 per cent over the $352.7 million earned in the first nine months of 2021.
For the quarter ended September 30, revenue from port operations increased 20 per cent from $482.4 million to $576.7 million; EBITDA was 23 per cent higher at $365.9 million, and net income stood at $170.7 million – a 43 per cent year-on-year surge.
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In the container sector, ICTSI handled 8.85 million TEU in the first nine months of 2022, 7 per cent more compared to the same period last year.
The company said this increase in volume was primarily due to volume growth and improvement in trade activities as economies recover from the COVID-19 pandemic and lockdown restrictions.
For the quarter ended 30 September, total consolidated throughput was 11 per cent higher at 3.1 million TEU.
ICTSI attributed this growth to new shipping lines and services at certain terminals – in particular, the contribution of Manila North Harbour Port, Inc. (MNHPI) in Manila, Philippines and International Container Terminal Services Nigeria Ltd. (ICTSNL), and the company’s new terminal in Port of Onne, Nigeria.
“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,” said 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.”
Representing an investment of $8 million, the new RTGs will help speed up container loading and unloading times at the terminal according to ICTSI.
