ICTSI revenue jumps to $2.4 billion in 2023

ICTSI's revenue jumps to $2.4 billion in 2023

The International Container Terminal Services, Inc. (ICTSI) has reported audited consolidated financial results for 2023 posting revenue from port operations of $2.39 billion.

The figure represents an increase of 6 per cent from the $2.24 billion reported last year.

Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of $1.51 billion, 7 per cent higher than the $1.41 billion generated in 2022; and net income attributable to equity holders of $511.53 million, 17 per cent less than the $618.46 million earned last year.

According to ICTSI, this decrease is primarily due to non-recurring and non-cash impairment of goodwill attributed to the acquisition of Pakistan International Container Terminal (PICT) in Karachi, Pakistan, and other noncurrent.

ICTSI handled a combined volume of 12.74 million TEU in 2023, 4 per cent greater than the 12.21 million TEU handled in 2022.

READ: ICTSI reports revenues of $1.87 billion in 2021

ICTSI attributes the increase in consolidated volume to the contribution of Manila North Harbour Port, Inc. (MNHPI) in Manila, Philippines which was consolidated starting September 2022, improvement in trade activities, and new services at certain terminals.

Furthermore, the increase was reportedly due to the expiration of a concession contract 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 specific terminals.

Without the contributions of MNHPI, PICT, MTS, and DIPSSCOR, consolidated volume would have grown by 2 per cent, according to ICTSI.

READ: ICTSI hits over $1.5 billion revenue

Enrique K. Razon, ICTSI Chairman and President, said: “I am proud of the Group’s performance in 2023; the efforts of ICTSI’s colleagues around the world have resulted in revenues increasing by 6 per cent to $2.39 billion and record EBITDA of $1.51 billion.

“In the past year, the group delivered industry outperformance, illustrating the strength of its diversified portfolio and operating strategy as well as our financial discipline.

“While the geopolitical backdrop remains complex, 2024 is set to be ripe with opportunities as we continue to invest in new and existing terminals.”

In August 2023, ICTSI published unaudited consolidated financial results for the first half of 2023.

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