ICTSI volumes up 9% in 2022

The company handled a consolidated volume of 12.2m teu last year, up 9% more than the previous year.

ICTSI said the increase in volume was primarily due to the consolidation of Manila North Harbour Ports Inc, Philippines (MNHPI), starting September 2022, volume growth, and improvement in trade activities as economies continue to recover from the impact of the pandemic.

Excluding the volume contribution of MNHPI, International Container Terminal Services Nigeria Ltd. (ICTSNL) - the company’s new terminal in Port of Onne, Nigeria) and Davao Integrated Port and Stevedoring Services Corporation (DIPSSCOR) in Davao, Philippines which ceased operations on 30 June 2022, consolidated volume would have increased by 5%.

The company’s revenue increased by 20% from the previous year, to $2.24bn in 2022, compared to $1.87bn in 2021.

According to the company, the increase in revenue was primarily driven by a growth in volume and market recovery from the Covid-19 pandemic, favourable container mix, new contracts with shipping lines and services, higher revenues from ancillary services, and the contribution of new terminals and businesses.

ICTSI also reported an increase in EBITDA reaching $1.41bn in 2022, a 24% increase from the previous year’s $1.14bn.

Related:ICTSI expanding Manila terminal with new berth

The company’s net income attributable to equity holders also increased by 44%, earning $618.46m compared to the previous year.

“In a year marked by geopolitical unrest and inflationary pressures, we took clear and robust actions to focus on our cost initiatives and implemented a selective and disciplined capex programme which has pleasingly created value for our stakeholders,” said Enrique K. Razon, Jr., ICTSI Chairman and President.

“While the weaker economic backdrop continues, our business fundamentals remain constructive, and we remain strongly positioned to deliver sustainable growth.”