The Group said it was “primarily due to improvement in trade activities as economies recover from the impact of the pandemic; and new shipping lines and services at the Company’s operations overseas”.
During the first quarter of 2021, gross revenues from port operations increased by 16% to $435.6m, up from the $375.8m reported the year before, thanks to volume growth, favorable container mix, tariff adjustments at certain terminals, and new contracts with shipping lines and services. Increased storage and ancillary services supported revenues—particularly in the Americas segment—although trade activities at certain terminals declined due to the impact of COVID-19 pandemic.
“ICTSI has delivered strong operating performance in the first quarter of 2021, with volume, revenue and earnings rising across our three regions: Asia, the Americas, and Europe, Middle East, and Africa (EMEA). We have seen improvements in most of our terminals as economies continue to recover from the pandemic as well as significant contributions from new shipping lines and services,” said ICTSI chairman and president Enrique K. Razon Jr.
“The pandemic remains extremely challenging for so many people around the globe. At ICTSI, we are proud of our role in working with the government and the private sector in driving the vaccination procurement program in the Philippines. Not only will this combined effort save lives, it will also contribute to the full opening of the Philippine economy and support significant recovery across all business sectors,” he added.
The Group’s capital expenditure budget for 2021 is approximately $250m which will be utilised mainly for the completion of the expansion project at MICT in Manila, Philippines; the ongoing yard expansion at IDRC in Matadi, Democratic Republic of Congo; the new expansion project at VICT in Melbourne, Australia; equipment acquisitions and upgrades; and for various maintenance requirements.
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