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ICTSI throughput grew 9% in 1H2023

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Philippines-based ICTSI posted an increase in throughput of 9% to 6.28M teus while revenues increased by 10% to $1.16BN and EBITDA 8% higher to $728.8M in the first half of 2023. 

“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,” said Enrique K. Razon, ICTSI Chairman and President. 

“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 $400M 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.”

However, “the macroeconomic and geopolitical climate continues to be uncertain but these results give us continued confidence in our financial and operational resilience,” he added.

ICTSI for the first half of 2023 posted revenue from port operations of $1.16BN, an increase of 10% from the $1.06BN for the first six months of 2022; Earnings Before EBITDA of $728.88M, 8% higher than in H1, 2022.

ICTSI handled consolidated volume of 6,275,837 teus in the six months ended June 30, 2023, 9% 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 terminals; tapered mainly by the impact of the expiration of concession contract at PICT in Karachi, Pakistan; cessation of cargo handling operations at Makassar Terminal Services (MTS) in Makassar, Indonesia and Davao Integrated Port and Stevedoring Services Corporation (DIPSSCOR) in Davao, Philippines; and slowdown in trade activities at certain terminals. 

For the quarter ended June 30, 2023, total consolidated throughput was 9% higher at 3,173,732 teus compared to 2,919,581 teus in 2022.

Gross revenues from port operations for the first half of 2023 increased by 10 % to $1,164.97M compared to the US$1,062.91 million reported in the same period in 2022 mainly due to the contribution of MNHPI and new businesses at IRB Logistica in Brazil; volume growth, tariff adjustments and higher revenues from ancillary services and general cargo business at certain terminals; and favourable translation impact mainly of the appreciation of Mexican Peso (MXN)- and Iraqi Dinar (IQD)- based revenues at Contecon Manzanillo S.A. (CMSA) and Basra Gateway Terminal (BGT), in Mexico and Iraq respectively; partially tapered by slowdown in trade activities at Victoria International Container Terminal (VICT) and PICT, including the impact of the expiration of the concession at PICF. or the second quarter of 2023, gross revenues increased 11% to $592.73M, up from $534.64M. 

Consolidated EBITDA for the first six months of 2023 increased 8% to $728.88M mainly due to higher revenues partially tapered by the increase in cash operating expenses. 

TAGS: Ports Asia