Record highs for ICTSI earnings
International Container Terminal Services Inc (ICTSI) has reported a 4% increase in net income to USD 484.5 million for the first nine months of 2023, with ebitda and net income reaching record highs. The company saw a 7% growth in throughput and revenues.
Despite the challenging economic and geopolitical environment, ICTSI's diverse portfolio provides resilience. The growth in revenue and volumes has been partly due to new services and the consolidation of Manila North Harbour Port.
However, the increase was offset by the cessation of operations at certain terminals and the expiration of a concession contract in Pakistan. The company remains confident in its operational discipline and cost management to navigate the rest of the year.
Capital expenditures have been directed towards expansion and the acquisition of equipment in several global terminals, with a total estimated capital expenditure of approximately USD 400 million for 2023. (pb)