Asian Terminals Inc. (ATI) has earmarked P17.5 billion for capital expenditure (capex) over the next five years to finance its continuous upgrade and construction of new facilities.
ATI said its board of directors has approved a budget of P17.5 billion for capex, which includes yard and berth development as well as construction of new facilities and equipment acquisition for 2022 to 2026.
“The capital expenditures will strengthen the Group’s operations and capability to handle growth,” ATI said in a filing at the stock exchange.
For 2022, ATI said, it is investing an estimated P5.43 billion in step with its growth strategy and in line with its investment commitment with the Philippine Ports Authority.
This will support the acquisition of more modern cargo handling equipment and the development of ports and logistics infrastructure across ATI’s sites.
The company said it plans to continuously enhance its gateway ports in Manila and Batangas this year for containerized cargo, non-containerized cargo and passenger handling operations, upgrading their capacity and technologies to support customer growth, in response to future market demand and contribute to the post pandemic recovery of the economy.
As part of long-term sustainability, ATI said it is exploring new business growth drivers, including developing smart cargo storage spaces within and outside port zones, offering ancillary services leveraged on its core ports business and exploring new port operations locally or overseas, given the right opportunity.
ATI reported revenues of P2.9 billion in the first quarter of 2022, up 6.5 percent from P2.7 billion in the same period last year.
Revenues from South Harbor international containerized cargo increased from last year by 7.8 percent mainly due to the approved tariff increase in South Harbor effective August 6, 2021, the company said.
Revenues from ATI Batangas rose by 38 percent from last year on account of higher roll-on and roll-off volumes, it added.
The company also reported a 6.9 percent growth in net income to P602 million in the first quarter, from P563 million in the same period last year.
