The company said the increase in consolidated volume was mainly due to the contribution of Manila North Harbour Port, Inc. (MNHPI) in Manila, improvement in trade activities, and new services at certain terminals.
But volumes were impacted by 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.
Gross revenues from port operations for the year ended December 31, 2023, was 6% higher at $2.39 billion compared to the $2.24 billion reported in 2022, due to the contribution of MNHPI; tariff adjustments, volume growth and higher revenues from ancillary services and general cargo business at certain terminals; and favorable translation impact mainly of foreign currencies.
“I am proud of the Group’s performance in 2023; the efforts of ICTSI’s colleagues around the world have resulted in revenues increasing by 6% to $2.39 billion and record EBITDA of $1.51 billion. In the past year, the Group delivered industry outperformance, illustrating the strength of its diversified portfolio and operating strategy as well as our financial discipline,” said Enrique K. Razon, ICTSI Chairman and President.
“While the geopolitical backdrop remains complex, 2024 is set to be ripe with opportunities as we continue to invest in new and existing terminals. We have a stronger platform than ever to grow, to drive market share and continue our successful track record as a responsible business that creates long term sustainable value for all its stakeholders,” he added.
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