International Container Terminal Services, Inc. (ICTSI) has reported unaudited consolidated financial results for the first half of 2023 posting revenue from port operations of US$1.16 billion, an increase of 10 percent from the US$1.06 billion reported for the first six months of 2022.
For the quarter ended June 30, 2023, revenue from port operations increased 11 percent from US$534.64 million to US$592.73 million.
ICTSI handled consolidated volume of 6,275,837 twenty-foot equivalent units (TEUs) in the six months ended June 30, 2023, nine percent more compared to the 5,752,582 TEUs handled in the same period in 2022. The increase in consolidated volume was mainly due to the contribution of MNHPI in Manila, Philippines that was consolidated starting September 2022, improvement in trade activities, and new services at certain terminal. This was offset by cessation of activities elsewhere and trade slowdown at certain other ports. Organic volume grew by 1%.
Enrique K. Razon, ICTSI Chairman and President said: “ICTSI’s diversified portfolio, operational discipline and the determined focus from our fantastic team around the world has enabled us to deliver another strong financial performance.”
“We have a robust balance sheet and a highly cash generative business which looking ahead, will enable us to continue our strong track record of investing in our terminals to support future growth for the benefit of all our stakeholders. Our estimated capital expenditure is US$400 million for the year which will be used to expand and improve productivity and efficiency at terminals including Australia, Mexico, 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.”
“The macroeconomic and geopolitical climate continues to be uncertain but these results give us continued confidence in our financial and operational resilience. 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.”
