ICTSI witnesses 36 per cent revenue growth

ICTSI witnesses 36 per cent revenue growth

International Container Terminal Services, Inc. (ICTSI) has published unaudited consolidated financial results for the quarter ended 31 March 2024, with revenue from port operations of $637.65 million, up 11 per cent from $572.25 million reported the previous year.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $413.76 million, 17 per cent higher than the $354.20 million generated in the first quarter of 2023.

According to ICTSI, net income attributable to equity holders of $209.88 million, 36 per cent more than the $154.61 million earned in the same period last year primarily due to higher operating income, interest and nonrecurring income from settlement of legal claims.

READ: ICTSI releases Q3 results

Excluding the income from the settlement of legal claims by ICTSI Oregon and the nonrecurring impact of the sale of OJA, net income attributable to equity holders would have grown 24 per cent to $191.02 million. Diluted earnings per share increased 37 per cent to $0.099 from $0.072 in the first quarter of 2023.

ICTSI handled consolidated volumes of 3.09 million TEU in the first quarter of 2024, marginally down from 3.10 million TEU handled in the same period in 2023.

READ: ICTSI revenue jumps to $2.4 billion in 2023

Volume growth mainly from new services and improvement in trade activities at certain terminals was offset by the impact of the expiration of the concession contract at Pakistan International Container Terminal (PICT) in Karachi, Pakistan, deconsolidation of OJA in Jakarta, Indonesia, termination of cargo handling operations at PT Makassar Terminal Services (PT MTS) in Makassar, Indonesia, and decrease in volume in Contecon Guayaquil S.A. (CGSA) in Guayaquil, Ecuador.

Excluding the impact of discontinued operations in Pakistan and Indonesia, the Group’s consolidated volume would have increased by 5 per cent. 

Recently, the Philippine Ports Authority (PPA) turned over the management and operation of the Iloilo Commercial Port Complex (ICPC) to the Visayas Container Terminal (VCT).

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