Port operator International Container Terminal Services Inc. said Thursday net income jumped 50 percent in the first six months to $294.5 million from $196.7 million it earned a year ago, as revenues topped the $1-billion mark during the period on a 5-percent volume growth.
“We have delivered another period of strong operational and financial results across our global portfolio with throughput growth of five percent,” said ICTSI chairman and president Enrique Razon Jr.
“Revenues grew by 20 percent to $1.06 billion and EBITDA [earnings before interest, taxes, depreciation and amortization] increased by 26 percent to $672.1 million, driven by volume growth, strong contribution from new terminals and an improvement in trade activities as economies recover from the impact of lockdown restrictions and the COVID-19 pandemic,” he said.
“Over the years, we have demonstrated our resilience and the benefits of having a clear strategic market position and a disciplined and purpose-led culture. Our talented team, expertise and experience remain key as we continue to navigate geopolitical and economic uncertainties. Despite these external challenges, we remain confident in driving growth across our global business and generating long-term sustainable value for the benefit of all our stakeholders,” said Razon.
ICTSI said revenues in the first half grew 20 percent from $882.6 million reported in the first six months of 2021, while EBITDA went up 26 percent from $532.5 million.
The company said improved operating income, higher net foreign exchange gain, increase in equity share in net profit of joint ventures and strong contribution of new terminals led to the strong profit in the first half.
It said global port operations increased 20 percent in the second quarter to $534.6 million, while net income attributable to equity holders reached $152.2 million, up 43 percent from $106.6 million a year earlier.
ICTSI said its terminals handled consolidated volume of 5,752,582 twenty-foot equivalent units in the first six months, or five percent more than 5,459,523 TEUs handled in the same period in 2021.
ICTSI is a leading global developer, manager and operator of container terminals in the 50,000 to 3.5 million TEU/year range. It operates in six continents and continues to pursue container terminal opportunities around the world.