INTERNATIONAL Container Services – parent company of Victoria International Container Terminal – reported increases in throughput, revenue and EBITDA for 2022 in its consolidated financial results statement, released on Monday (6 March).
The company’s revenue from port operations was US$2.24 billion, an increase of 20% from the US$1.87 billion reported for the previous year.
Its EBITDA of US$1.41 billion, 24% higher than the US$1.14 billion generated in 2021. And, the company reported a 9% growth in volume to 12.2 million TEU last year.
ICTSI chairman and president Enrique K. Razon, Jr. said the company’s performance in 2022 was “strong”.
“In a year marked by geopolitical unrest and inflationary pressures, we took clear and robust actions to focus on our cost initiatives and implemented a selective and disciplined capex programme which has pleasingly created value for our stakeholders,” he said.
“While the weaker economic backdrop continues, our business fundamentals remain constructive, and we remain strongly positioned to deliver sustainable growth. I would like to thank colleagues across the Group who have worked hard to deliver an excellent year of results during a choppy year and the strength of our financial and operational results is testament to their hard work and commitment.”
The company attributed its 9% increase in volume primarily to the consolidation of Manila North Harbour Port starting September 2022; volume growth and improvement in trade activities as economies continue to recover from the impact of the Covid-19 pandemic and lockdown restrictions; and new shipping lines and services at certain terminals.
