International Container Terminal Services, Inc. (ICTSI) has reported unaudited consolidated financial results for the first half of 2021 posting revenue from port operations of US$882.6 million, an increase of 22% from the first six months of 2020, while its earnings before interest, taxes, depreciation and amortization (EBITDA) reached US$532.5 million, 28% higher than the figure of the same period last year.
The company’s net income attributable to equity holders was US$196.7 million, which represents an increase of 73% from the last year.
Additionally, in the first half of the current year, ICTSI has handled 5,459,523 TEUs, which is 14% higher than the volumes of the same period in 2020.
“These results have surpassed 2019 pre-pandemic performance and were driven by favorable market conditions and the prudent actions we took at the onset of the pandemic. This is evidenced by the strong organic growth across our terminals underpinned by the strength and resilience of ICTSI and our differentiated strategy,” commented Enrique K. Razon, Jr., ICTSI Chairman and President.
The increase in volume was primarily due to 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, according to a statement.
ICTSI’s chairman said, “The far reaching and devastating impact of Covid-19 has continued to affect the world and we have dedicated significant efforts and resources to the vaccination of our employees and their families.”
At the same time, capital expenditures, excluding capitalised borrowing costs, for the six months ended June 30, 2021 amounted to US$74.4 million. These were mainly for the ongoing expansions at Manila International Container Terminal (MICT) in the Philippines and ICTSI DR Congo (IDRC) in Democratic Republic of Congo; and acquisition of port facilities and equipment at ICTSNL in Port of Onne in Nigeria.
The group’s capital expenditure budget for 2021 is approximately US$250.0 million. The estimated capital expenditure budget will be utilised mainly for the completion of the expansion project at MICT, the ongoing yard expansion at IDRC, the new expansion project at Victoria International Container Terminal (VICT) in Melbourne, Australia, equipment acquisitions and upgrades, and for various maintenance requirements.
