The International Container Terminal Services Inc. on Monday reported net income rising 7 percent in the first half due to higher operating income.
The Razon-led port operator said net income amounted to $313.80 million in the January to June period, higher than only $294.48 million in the same period last year.
In the second quarter alone, ICTSI posted a net income of $159.19 million, up 5 percent from $152.20 million in the same period last year.
“ICTSI’s diversified portfolio, operational discipline and the determined focus of our fantastic team around the world has enabled us to deliver another strong financial performance,” Enrique K. Razon, ICTSI chairman and president said.
The company booked total consolidated gross revenue of $1.16 billion in the first half, up 10 percent from $1.06 billion last year.
The port operator handled consolidated volume of 6,275,837 twenty-foot equivalent units (TEUs) in the first six months, nine percent more compared to 5,752,582 TEUs handled in the same period in 2022.
Razon said the company allotted $400 million as capital expenditure (capex) this year, which will be used to expand and improve productivity and efficiency at terminals including Australia, Mexico, the Philippines, Democratic Republic of Congo and Nigeria.
“These investments are examples of our ongoing commitment to make our ports more efficient, accessible and globally competitive,” he added.
In the first half, the company spent $152.23 million to expand and acquire equipment at CMSA in Manzanillo, Mexico, VICT in Melbourne, Australia, Manila International Container Terminal (MICT) in the Philippines and ICTSI DR Congo S.A. (IDRC) in Matadi, Democratic Republic of Congo.
“The macroeconomic and geopolitical climate continues to be uncertain but these results give us continued confidence in our financial and operational resilience,” Razon said.
“The opportunities for future growth are considerable and we will work closely with our stakeholders to achieve positive change for the communities in which we operate and deliver long-term sustainable growth,” he added.
Consolidated cash operating expenses in the first six months of 2023 was 15 percent higher at $325.85 million compared to $283.86 million in 2022.
ICTSI is a leading global developer, manager and operator of container terminals in the 50.0 thousand to 3.5 million TEU/year range. ICTSI operates in six continents and continues to pursue container terminal opportunities around the world.
