The increase in volumes handled in 2021 was primarily due to an improvement in trade activities as economies recover from the impact of the Covid-19 pandemic and lockdown restrictions, and new contracts with shipping lines and services at certain terminals.
Excluding the contribution of the company’s new terminal operations, International Container Terminal Services Nigeria. (ICTSNL) in the Port of Onne, Rivers State, in Nigeria, consolidated volume would have increased by 9% in 2021.
Consolidated revenue from port operations of $1.87bn, were 24% higher compared to the $1.51bn reported last year.
“I’m pleased to report a strong set of results for 2021. Higher volume growth and improvement in trade activities as economies have started to recover have enabled throughput to increase by 10%, with EBITDA pushed higher from new terminal contributions,” said Enrique K. Razon, Jr., ICTSI Chairman and President.
“Notwithstanding our financial results, it was a great achievement in 2021 to have vaccinated over 90% of our workforce and support host communities’ and partner governments’ coronavirus response efforts.”
Looking ahead he commented, “Whilst we are hopeful heading into 2022 that the worst of the Covid-19 crisis is behind us, we are mindful that these results were achieved during a global pandemic which countries are recovering at different rates from. However, we are aware of the potential social, political and economic impact arising because of the disconcerting events unfolding in Ukraine and as such are monitoring the situation closely.”
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