International Container Terminal Services Inc. (ICTSI) expects to spend $250 million in capital expenditures this year for expansion projects.
These include the completion of the expansion project at the Manila International Container Terminal, the ongoing yard expansion at ITCSI DR Congo in Matadi, Democratic Republic of Congo; the new expansion project at Victoria Container Terminal in Melbourne, Australia; equipment acquisitions and upgrades; and for various maintenance requirements.
ICTSI said the target capex for 2021 is 25.82 percent higher than the $198.7 million spending last year which was higher than the targeted capex budget of $160 million mainly due to the additional capex from the new terminal in Kribi, Cameroon and the reinstitution of postponed capex in a number of terminals which demonstrated strong volume growth in the second half of 2020.
ICTSI closed 2020 with a profit of $101.8 million, up 1 percent from the prior year’s $100.4 million.
Revenue reached $1.505 billion, up two percent higher from $1.481 billion the previous year.
The company said it generated earnings before interest, taxes, depreciation and amortization of $876.8 million, up six percent from $830.1 million in 2019.
