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Manila Bulletin devider Business devider The Stock Market devider ICTSI profits rise 44% to $618 M

ICTSI profits rise 44% to $618 M

Published Mar 6, 2023 07:39 am


International Container Terminal Services, Inc. (ICTSI) reported a 44 percent rise in attributable consolidated net income to $618.46 million last year from the $428.57 million earned in 2021. In a disclosure to the Philippine Stock Exchange, the firm said the growth in profit is primarily due to higher operating income; partially tapered by increase in depreciation and amortization charges, interests on loans, lease liabilities and concession rights payable, provision for income taxes, and non-recurring impairment charges. Excluding non-recurring charges, attributable recurring net income was 43 percent higher at $634.48 million in 2022 compared to the US$442.83 million earned 2021. In 2022, ICTSI recognized non-recurring impairment charges on other non-financial assets amounting $16.01 million. In 2021, the non-recurring impairment charges on other non-financial assets and charges associated with the prepayment of loan facilities at Victoria International Container Terminal (VICT) amounted to $14.26 million. “ICTSI delivered a strong performance in 2022 with revenues up 20 percent to $2.24 billion and EBITDA of $1.41 billion, an increase of 24 percent against the previous year driven by tight operational controls and volume growth of nine percent to 12,216,190 twenty-foot equivalent units (TEU),” said ICTSI Chairman and President Enrique K. Razon, Jr. He noted that, "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 program which has pleasingly created value for our stakeholders.” “While the weaker economic backdrop continues, our business fundamentals remain constructive and we remain strongly positioned to deliver sustainable growth,” Razon added. ICTSI’s estimated capital expenditure for 2023 is approximately $400 million from $386.35 million in 2022. This will be utilized mainly for the ongoing expansion at the Company’s terminals in Australia, Mexico, Philippines and Democratic Republic of Congo; second tranche of concession extension related expenditures in Madagascar; yard expansion at ICTSNL in Nigeria; quay expansion at ICTSI Rio in Brazil; development of a newly acquired terminal in East Java in Indonesia; equipment acquisitions and upgrades; and for maintenance requirements. ICTSI said the increase in handled consolidated volume in 2022 was primarily due to consolidation of Manila North Harbour Port, Inc. (MNHPI) in Manila, Philippines starting September 2022; volume growth and 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. 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 June 30, 2022, consolidated volume would have increased by five percent. Gross revenues from port operations were higher mainly due to volume growth and market recovery from the impact of the pandemic, favorable container mix, tariff adjustments at certain terminals, new contracts with shipping lines and services, higher revenues from ancillary services, and the contribution of MNHPI and the new terminals Manila Harbor Center Port Services, Inc. (MHCPSI) in the Philippines, ICTSNL in Nigeria and IRB Logistica in Brazil. This was partially tapered by decline in trade activities at PICT in Karachi, Pakistan, and unfavorable translation impact mainly due to the depreciation of Philippine peso (PHP)- and Australian dollar (AUD)- based revenues at Philippine terminals and VICT in Melbourne, Australia, respectively, and Euro (EUR)-based revenues at Madagascar International Container Terminal Services Ltd. (MICTSL) and Adriatic Gate Container Terminal (AGCT), in Madagascar and Croatia, respectively. Excluding the consolidated revenues of MNHPI, the new terminals and businesses, and the cessation of operations at DIPSSCOR and Hijo International Port Services Inc. (HIPSI), in Davao, Philippines, consolidated gross revenues would have increased by 17 percent.
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