ICTSI reports 7 per cent increase in net income to over $300 million

ICTSI reports 7 per cent increase in net income to $313.80 million

International Container Terminal Services, Inc. (ICTSI) has published unaudited consolidated financial results for the first half of 2023.

ICTSI reported revenue from port operations of $1.16 billion, a 10 per cent rise over the first six months of 2022.

ICTSI’s net income attributable to equity holders of $313.80 million, 7 per cent more than the $294.48 million earned in the first half of 2022 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) and increases in depreciation and amortisation, interest on loans, lease liabilities and concession rights payable.

READ: ICTSI reports revenues of $1.87 billion in 2021

Excluding the impairment of goodwill attributed to PICT, net income attributable to equity holders would have grown 10 per cent to $324.41 million. Diluted earnings per share increased 9 per cent to $0.147 in 2023 from $0.135 in 2022.

In the six months ending 30 June, ICTSI handled a consolidated volume of 6,275,837 TEU, a 9 per cent increase over the 5,752,582 TEU handled in the same time in 2022.

The rise in consolidated volume was mostly due to MNHPI’s involvement in Manila, Philippines, which began consolidated operations in September 2022, as well as an improvement in trade activity and the inclusion of new services at several terminals.

READ: ICTSI, Transnet collaborate to develop Durban Port Terminal

The impact of the concession contract expiration at PICT in Karachi, Pakistan; the cessation of cargo handling operations at Makassar Terminal Services (MTS) in Makassar, Indonesia, and Davao Integrated Port and Stevedoring Services Corporation (DIPSSCOR) in Davao, Philippines; and a slowdown in trade activities at certain terminals all contributed to this.

Excluding MNHPI, PICT, DIPSSCOR, and MTS, consolidated volume would have climbed by 1 per cent for the six months ending 30 June 2023.

Total consolidated throughput was 9 per cent higher in the quarter ended 30 June, at 3,173,732 TEU, compared to 2,919,581 TEU in 2022.

In July 2023, ICTSI’s Nigerian cargo handling facility, supported Nigerian LNG (NLNG)’s Train 7 expansion project at the latter’s facility in Bonny.

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