earnings reports

ICTSI 9-month profits up by 73% to $316.4 million

Aika Rey
ICTSI 9-month profits up by 73% to $316.4 million

PORT. The Manila International Container Terminal.

ICTSI

Port operations improve as economies recover, says ICTSI chairman Enrique Razon Jr.

Enrique Razon Jr.’s International Container Terminal Services Incorporated (ICTSI) saw its earnings surge by 73% to $316.4 million for the first nine months of 2021, rebounding from the coronavirus pandemic that crippled global trade in 2020.

Revenue from port operations grew 24% to $1.37 billion from January to September, while earnings before interest, taxes, depreciation, and amortization were 29% higher at $829.4 million.

“We have seen a considerable improvement in trade activities and outperformance in Asia, the Americas, and EMEA (Europe, Middle East, and Africa) as economies continue to recover from the impact of the COVID-19 pandemic and lockdown restrictions ease,” said Razon, ICTSI chairman.

“We remain mindful that the pandemic continues to create challenges throughout our industry. We have good momentum to deliver further disciplined growth and we look to the future with confidence,” he added.

Must Read

Supply chain chaos set to extend further, port operator ICTSI says

Supply chain chaos set to extend further, port operator ICTSI says

ICTSI said its strong performance was due to higher volume, tariff adjustments at certain terminals, new contracts, and higher revenues from ancillary services, among others.

But it also said the increase in revenues was “partially tapered” by the decline in trade activities at certain terminals because of the pandemic.

Capital expenditures reached $104 million, spent mainly for the ongoing expansion of the Manila International Container Terminal and its port in the Democratic Republic of the Congo. – Rappler.com

Aika Rey

Aika Rey is a business reporter for Rappler. She covered the Senate of the Philippines before fully diving into numbers and companies. Got tips? Find her on Twitter at @reyaika or shoot her an email at aika.rey@rappler.com.