International Container Terminal Services Inc. (ICTSI) said profit for the first half of the year reached $196.7 million, up 73 percent from last year’s $113.4 million.
Revenues amounted to $882.6 million, up 22 percent from $724.3 million in 2020.
“(The) earnings before interest, taxes, depreciation and amortization (EBITDA) of $532.5 million, was 28 percent higher than the $416.4 million generated the same period last year,” the company also said.
“I am exceptionally delighted with the performance we have delivered for the first half of 2021 with our volume, revenues and EBITDA rising by 14 percent, 22 percent and 28 percent, respectively across all three geographic segments. 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,”
Enrique K. Razon, Jr., ICTSI Chairman president said.
“Overall, we are proud with how the business has performed this quarter and this can be wholly attributed to our employees. The business is in a robust position and ICTSI is full steam ahead,” he said.
ICTSI said it handled a consolidated 5.46 million twenty-foot equivalent units (TEUs) of cargo containers for the period, up 14 percent from 4.8 million TEUs handled in 2020, attributed to the “”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.”
The company noted the improvement in “favorable container mix, tariff adjustments at certain terminals, new contracts with shipping lines and services, higher revenues from ancillary services and the contribution of new terminals — ICTSI Nigeria Ltd. in Nigeria, Manila Harbor Center Port Services Inc. in the Philippines and Kribi Multipurpose Terminal in Cameroon.”
