ICTSI reports revenues of $1.87 billion in 2021

Port Area Manila, Philippines

ICTSI has published its audited consolidated financial results for calendar year 2021, posting revenues of $1.87 billion from port operations.

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.

The revenues led to the group’s EBITDA growing to $1.14 billion, up 30 per cent compared to the $876.83 million generated in 2020.

Consolidated cash operating expenses in 2021 were 15 per cent higher at $523.33 million compared to $453.63 million in 2020. This was due to increases in price and consumption of fuel and power and higher and contracted services driven by volume growth.

ICTSI’s net income reached $477.54 million in 2021, up 242 per cent over $139.64 million the previous year.

In regard to business performance, the company handled 11,163,473 TEU in 2021, an increase of 10 per cent compared to 10,193,384 TEU in 2020.

The volume growth came as a result of improvement in trade activities as economies began to recover from the impact of the COVID-19 pandemic and lockdown restrictions, and new contracts with shipping lines and services at certain terminals.


“I’m pleased to report a strong set of results for 2021,” said Enrique K. Razon, Jr., ICTSI Chairman and President.

“Higher volume growth and improvement in trade activities as economies have started to recover have enabled throughput to increase by 10 per cent, with EBITDA pushed higher from new terminal contributions.

“Notwithstanding our financial results, it was a great achievement in 2021 to have vaccinated over 90 per cent of our workforce and support host communities’ and partner governments’ coronavirus response efforts.”

“Whilst we are hopeful heading into 2022 that the worst of the COVID-19 crisis is behind us, we are mindful that these results were achieved during a global pandemic which countries are recovering at different rates from.

“However, we are aware of the potential social, political and economic impact arising as a result of the disconcerting events unfolding in Ukraine and as such are monitoring the situation closely.”

Some of ICTSI’s operational highlights from last year include the extending its concession of the Madagascar International Container Terminal until 2040.

Back in September, the Pakistan International Container Terminal (PICT) reached a new milestone with the handling of its 10-millionth TEU.

Lastly, the group successfully implemented an AI-powered operational optimisation tool at its Manila International Container Terminal.

Announced in March 2021, the terminal operator said the YardSight system is part of a larger AI solution suite called AiCON, which was developed by US-based AI specialists Avlino, in partnership with IGO Solutions.

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