ICTSI’s Manila hub posts solid Q3 growth
Port operator International Container Terminal Services Inc. said Thursday unit Manila International Container Terminal posted record productivity in August and September with equipment operators achieving monthly targets.
ICTSI, a global company led by businessman Enrique Razon Jr., said MICT posted an increase in berth productivity of 22 percent and 13 percent in August and September, respectively.
ICTSI senior vice president and MICT head Christian Gonzalez said one of the company’s core strengths was its highly capable manpower.
“It’s really the key to the way we operate all of our terminal concessions worldwide. We start by bringing people in from our headquarters in Manila to jumpstart operations and train the locals who will eventually take over once everything is in place. But at the end, our goal is for each of our terminals to be run by 100 percent local manpower,” Gonzalez said.
“Aside from the technical expertise that we pass on to our subsidiaries, we also teach them hard work and perseverance including leadership and self-improvement skills such as personal financial management. We want our employees to be empowered. Having the right work attitude, combined with the technical know-how, sets our employees apart from the rest of the industry,” he said.
ICTSI, which operates 27 terminals across 17 countries, posted a net income of $103.6 million in the first half, up 19 percent from $87.3 million a year ago.
ICTSI attributed the increase in net income to the continuing ramp-up at the new terminal in Matadi, Democratic Republic of Congo, strong operating income contribution from the terminals in Iraq, Mexico and Brazil, and the one-time gain on the termination of the sub-concession agreement in Nigeria.
Gross revenues from port operations in the first half increased 10 percent to $603.7 million from $550.8 million reported in the same period in 2016.
ICTSI budgeted $240 million in capital expenditures this year to fund the completion of the initial stage development of the company’s greenfield projects in Democratic Republic of Congo and Iraq.
The capex will also be used for the second stage development of the company’s project in Australia, continuing development of its container terminals in Mexico and Honduras and capacity expansion in terminal operations in Manila.