International Container Terminal Services, Inc. (ICTSI) has reported unaudited consolidated financial results for the nine months of 2023, posting revenue from port operations of $1.76 billion.
This reflects an increase of seven per cent from the $1.64 billion reported for the same period in 2022.
ICTSI also reported an EBITDA of $1.11 billion, seven per cent higher than the $1.04 billion generated the same period last year; and net income attributable to equity holders of $484.54 million, four per cent more than the $465.13 million earned in the first nine months of 2022.
This is primarily due to higher operating income and interest income, and lower COVID-19 related expenses; partially tapered by nonrecurring impairment of goodwill attributed to Pakistan International Container Terminal (PICT) in the previous quarter and increases in depreciation and amortisation, interest on loans, lease liabilities and concession rights payable.
Excluding the impairment of goodwill attributed to PICT, net income attributable to equity holders would have grown six per cent to $495.15 million. Diluted earnings per share increased six per cent to $0.227 in 2023 from $0.215 in 2022.
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Enrique K. Razon, ICTSI Chairman and President said: “I am pleased to announce sustained progress across the Group delivering growth in revenues of seven percent to $1.76 billion and EBITDA of $1.11 billion, seven per cent higher than the previous year.
“These excellent results were delivered against some very strong prior year comparatives. Looking ahead, whilst we continue to expect a challenging macro-economic and geo-political environment, we remain confident in the resilience of ICTSI’s diverse portfolio.
“Our strategy as an independent port operator supported by our cost and operational discipline means we are well positioned for the rest of the year, as well as over the longer term,” Razon added.
In October last month, East Java Multipurpose Terminal (EJMT), a subsidiary of International Container Terminal Services, Inc. (ICTSI), announced it is undertaking a major infrastructure development project.
