International Container Terminal Services, Inc. (ICTSI) has reported its audited consolidated financial results for 2022, showing a significant increase in revenue from port operations.
The company’s revenue increased by 20 per cent from the previous year, generating $2.24 billion in 2022, compared to $1.87 billion in 2021.
According to the company, the increase in revenue was primarily driven by a growth in volume and market recovery from the COVID-19 pandemic, favourable container mix, new contracts with shipping lines and services, higher revenues from ancillary services, and the contribution of new terminals and businesses.
ICTSI also reported an increase in EBITDA reaching $1.41 billion in 2022, a 24 per cent increase from the previous year’s $1.14 billion.
The company’s net income attributable to equity holders also increased by 44 per cent, earning $618.46 million compared to the year prior.
“In a year marked by geopolitical unrest and inflationary pressures, we took clear and robust actions to focus on our cost initiatives and implemented a selective and disciplined capex programme which has pleasingly created value for our stakeholders,” said Enrique K. Razon, Jr., ICTSI Chairman and President.
“While the weaker economic backdrop continues, our business fundamentals remain constructive and we remain strongly positioned to deliver sustainable growth.”
The company handled a consolidated volume of 12.2 million TEU last year, which stands 9 per cent more than the previous year.
ICTSI said the increase in volume was primarily due to the consolidation of Manila North Harbour Port, Inc., Philippines starting September 2022, volume growth, and improvement in trade activities as economies continue to recover from the impact of the pandemic.
ICTSI could invest over AU$500 million ($343 million) in addition to the more than AU$700 million ($481 million) it has already invested in the VICT since its establishment in 2014.