The increase in volume was primarily due to 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.
For the quarter ended 30 June 2021, total consolidated throughput was 20% higher at 2.75m teu compared to 2.29m teu in 2020.
Gross revenues from port operations for the first half of 2021 increased by 22% to $882.6m up from the $724.3m reported in the same period in 2020, mainly due to volume growth, favourable container mix, tariff adjustments at certain terminals, new contracts with shipping lines and services, higher revenues from ancillary services and the contribution of new terminals in Nigeria, Manila Harbour Centre Port Services, and Cameroon.
Excluding the contribution of these new terminals, consolidated organic gross revenues would have increased by 21% in the first half of 2021. For the second quarter of 2021, gross revenues increased 28% to $447m, up from $348.5m in 2020.
"I am exceptionally delighted with the performance we have delivered for the first half of 2021 with our volume, revenues and EBITDA rising by 14%, 22% and 28%, respectively across all three geographic segments. These results have surpassed 2019 pre-pandemic performance and were driven by favourable market conditions and the prudent actions we took at the onset of the pandemic. This is evidenced by the strong organic growth across our terminals underpinned by the strength and resilience of ICTSI and our differentiated strategy,” said Enrique K. Razon, Jr, ICTSI Chairman and President.
“The far reaching and devastating impact of Covid-19 has continued to affect the world and we have dedicated significant efforts and resources to the vaccination of our employees and their families. There is much more to do and we are working hard to protect our community. Overall, we are proud with how the business has performed this quarter and this can be wholly attributed to our employees. The business is in a robust position and ICTSI is full steam ahead,” he added.
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of $532.5m, was 28% higher than the $416.4m generated the same period last year.
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