MANILA's International Container Terminal Services Inc (ICTSI) posted a first half 50 per cent year-on-year net profit increase to US$294.5 million, drawn on revenues of $1.06 billion, up 20 per cent.
Second quarter net profit increased 43 per cent year on year to $152.2 million, drawn on revenues of $534.6 million, up 20 per cent.
"We have delivered another period of strong operational and financial results across our global portfolio with throughput growth of five per cent," said ICTSI president and chairman Enrique Razon.
"Over the years, we have demonstrated our resilience and the benefits of having a clear strategic market position and a disciplined and purpose-led culture," he said.
ICTSI handled 5,752,582 TEU in the first six months of 2022, up five per cent year on year due to volume growth and general improvement in trade activities as economies continue to recover from the impact of Covid restrictions.
For the quarter ended June 30, total consolidated throughput was six per cent higher at 2,919,581 TEU compared to 2,751,731 TEU in 2021, said the company.
First half expenditure amounted to $231.3 million. This went to upgrading terminals, namely the Manila International Container Terminal (MICT), VICT in Melbourne, ICTSI DR Congo (IDRC) in Matadi, Contecon Manzanillo de CV (CMSA) in Manzanillo, Mexico, and the acquisition of land in the Philippines and in Brazil for new projects.
The group's capital expenditure budget for 2022 is US$33 million to go to payment of the concession extension upfront fees at Madagascar International Container Terminal Services Ltd (MICTSL); ongoing expansion at the company's terminals in Democratic Republic of Congo, Australia, Mexico and Philippines; equipment acquisitions and upgrades and for various maintenance requirements.
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