International Container Terminal Services Inc. said Thursday said net income grew 73 percent in the first nine months from a year ago on improved domestic and international trade this year.
The port operator led by businessman Enrique Razon Jr. said net income amounted to $316.4 million in the nine-month period, up from $182.6 million it earned in the same period last year.
“We have seen a considerable improvement in trade activities and outperformance in Asia, the Americas and EMEA [Europe, the Middle East and Africa], as economies continue to recover from the impact of the COVID-19 pandemic and lockdown restrictions ease,” said Razon, chairman and president of ICTSI.
“This is extremely encouraging, and the company’s robust financial position provides a foundation to fund capital expenditures entirely through our strong cash flows and continue to grow ICTSI sustainably for the long term benefit of all our stakeholders,” he said.
Razon said ICTSI remained mindful that the pandemic continued to create challenges throughout the industry.
“We have good momentum to deliver further disciplined growth and we look to the future with confidence,” he said.
Gross revenues from port operations went up 24 percent in the first nine months to $1.365 billion from $1.104 billion it reported in the same period in 2020 on the back of higher volume.
“The increase was partially tapered by decline in trade activities at certain terminals primarily due to the impact of COVID-19 pandemic,” it said.
ICTSI handled consolidated volume of 8,266,621 twenty-foot equivalent units in the first nine months, 11 percent more than the 7,426,307 TEUs it handled in the same period in 2020.
“The increase in volume was primarily due to volume growth and improvement in trade activities as economies continue to recover from the impact of the COVID-19 pandemic and lockdown restrictions, and new shipping lines and services at certain terminals,” ICTSI said.
The company said of the $250-million capital expenditures this year, it spent $104 million in the first nine months. These were mainly for the expansion at Manila International Container Terminal in the Philippines and ICTSI DR Congo in Democratic Republic of Congo and acquisition of port facilities and equipment at International Container Terminal Services Nigeria Ltd. in the Port of Onne in Nigeria.
