International Container Terminal Services, Inc. (ICTSI) reported strong volume growth for 2022 In its annual financial results.
The company handled a consolidated volume of 12.2 million teu last year, 9% more than in the previous year.
According to ICTSI, the increase in volume was primarily due to the consolidation of Manila North Harbor Ports Inc, Philippines (MNHPI) from September 2022, volume growth and improving trading activity as economies continue to recover from the impact of the pandemic.
Excluding the volume contribution from MNHPI, International Container Terminal Services Nigeria Ltd. (ICTSNL) – the Company’s new terminal in Port of Onne, Nigeria) and Davao Integrated Port and Stevedoring Services Corporation (DIPSSCOR) in Davao, Philippines, which ceased operations on June 30, 2022, the consolidated volume would have increased by 5%.
The company’s revenue increased 20% year over year to $2.24 billion in 2022, compared to $1.87 billion in 2021.
According to the company, the increase in revenue was primarily due to volume growth and a market recovery following the Covid-19 pandemic, a favorable container mix, new contracts with shipping companies and services, higher ancillary service revenues and the contribution of new terminals and companies.
ICTSI also reported an increase in EBITDA to $1.41 billion in 2022, up 24% from $1.14 billion last year.
The company’s net income attributable to shareholders of equity also increased 44% year over year to $618.46 million.
“In a year marked by geopolitical turmoil and inflationary pressures, we have taken clear and robust actions to focus on our cost initiatives and implemented a selective and disciplined investment program that has gratifyingly delivered value for our stakeholders,” said Enrique K. Razon, Jr., Chairman and President of ICTSI.
“As the weakening economic environment continues, our business fundamentals remain constructive and we remain strongly positioned to deliver sustained growth.”
Source: News Network
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