The result was bolstered ICTSI Rio, the Company’s new terminal operations in Rio de Janeiro in Brazil; improvement in trade activities in the second half of 2020 as lockdown restrictions in most parts of the world eased; and new contracts with shipping lines and services at certain terminals.
Excluding the contribution of company’s new terminal in Rio de Janeiro in Brazil, consolidated organic volume would have decreased by 2% in 2020.
“ICTSI has delivered a positive performance in very challenging circumstances and it highlights not only the significant dedication and commitment of our colleagues who have performed strongly throughout the pandemic but also the agility and strength of our business,” said Enrique Razon Jr, ICTSI Chairman and President. “And as our volumes rebounded from their lows when lockdown restrictions began to lift in the second half, so did our margins reflect the benefits of these actions.”
Gross revenues from port operations grew by 2% in 2020 to $1.50bn compared to the $1.48bn reported in 2019 due to the contribution of ICTSI Rio, higher revenues from ancillary services, tariff adjustments and new services at certain terminals. Excluding contribution of the new terminals consolidated gross revenues would have decreased by 1% in 2020
The group’s capital expenditure budget for 2021 is approximately $250.0m. The estimated capital expenditure budget 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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