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ICTSI reports container growth amid improved financial performance

In 2022, International Container Terminal Services, Inc. (ICTSI) handled a consolidated volume of approximately 12 million TEUs, translating to a 9% increase compared with 2021 box volumes.

The global port operator reported that volume growth was primarily due to the consolidation of Manila North Harbour Port, Inc. (MNHPI) in the Philippines at the beginning of September, 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 some terminals.

ICTSI has also announced audited combined financial results for 2022, reporting revenue from port operations of US$2.24 billion, a 20% increase over the previous year's figure of US$1.87 billion.

Enrique K. Razon, Jr., ICTSI chairman and president, stated, “ICTSI delivered a strong performance in 2022 with revenues up 20% to US$2.24 billion and EBITDA of US$1.41 billion, an increase of 24% against the previous year driven by tight operational controls and volume growth of 9% to 12,216,190 TEUs.”

Additionally, the company's net income reached US$618.46 million, higher by 44% than the corresponding figure last year, driven mainly by the increased operating income.

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