INTERNATIONAL Container Terminal Services reported big increases in revenue and profits over the first nine months of 2022.
The Victoria International Container Terminal parent company posted an increase in port operations revenue of US$1.64 billion, an increase of 20% on the same period last year.
Earnings before interest, taxes, depreciation and amortisation for the period was US$1.04 billion, an increase of 25% on last year.
ICTSI chairman and president Enrique K. Razon, Jr said the company had delivered seven consecutive quarters of double-digit consolidated revenue growth.
“We remain mindful of the macro-economic environment and the potential impact this may have on our business but remain confident that we are well-positioned to navigate these headwinds through our agility, diversified portfolio and strong balance sheet,” he said.
“Our highly disciplined and talented team continues to work resolutely for the benefit of our stakeholders – all the time guided by our purpose, to make ports around the world a driver for positive and sustainable growth.”
ICTSI handled consolidated volume of 8.86 TEUs in the first nine months of 2022, 7% more than the 8.3 TEUs handled in the same period in 2021.
The company said the increase in volume was primarily due to volume growth and improvement in trade activities as economies continue to recover from the impact of the COVID-19 pandemic and lockdown restrictions; new shipping lines and services at certain terminals; the contribution of new terminals in the Philippines and Nigeria.
ENDS
