International Container Terminal Services Inc. remains committed to spending $400 million this year to expand its businesses.
ICTSI spent $386.35 million last year.
Enrique Razon Jr., ICTSI chairman, reiterated the company’s plans during the company’s shareholders meeting Thursday, where he said the amount will be used for ongoing expansion in Victoria International Container Terminal (VICT) in Australia, Contecon Manzanillo in Mexico, Manila International Container Terminal (MICT) in Manila and Matadi Gateway Terminal (MGT) in Congo.
“It will also go into the second tranche of concession extension related expenditures in Madagascar, yard expansion at Onne Multipurpose Terminal (OMT) in Nigeria and berth expansion at Rio Brasil Terminal,” Razon said.
“We remain steadfast in our strategy and approach in ensuring that our portfolio continuously performs and to transform any additions to the portfolio,” he added.
Razon said while ICTSI has been conservative last year in acquiring new container terminal concessions, that is expected to change in the near future.
He did not elaborate.
ICTSI closed 2022 with a profit of $618.46 million, up 44 percent from $428.57 million in 2021. Revenues grew 20 percent to $2.24 billion from $1.87 billion.
The growth was achieved on the back of a 9 percent volume growth to 12.22 million twenty-foot equivalent units (TEU) of containers.
