ICTSI net income up 7% to US$ 313.80 mln in H12023
Enrique K. Razon, ICTSI Chairman and President said: “ICTSI’s diversified portfolio, operational dis…Enrique K. Razon, ICTSI Chairman and President said: “ICTSI’s diversified portfolio, operational discipline and the determined focus from our fantastic team around the world has enabled us to deliver another strong financial performance.”
“We have a robust balance sheet and a highly cash generative business which looking ahead, will enable us to continue our strong track record of investing in our terminals to support future growth for the benefit of all our stakeholders. Our estimated capital expenditure is US$400 million for the year which will be used to expand and improve productivity and efficiency at terminals including Australia, Mexico, Philippines, Democratic Republic of Congo and Nigeria. These investments are examples of our ongoing commitment to make our ports more efficient, accessible and globally competitive.”
“The macroeconomic and geopolitical climate continues to be uncertain but these results give us continued confidence in our financial and operational resilience. The opportunities for future growth are considerable and we will work closely with our stakeholders to achieve positive change for the communities in which we operate and deliver long-term sustainable growth.”
International Container Terminal Services, Inc. (ICTSI) has reported unaudited consolidated financial results for the first half of 2023 posting revenue from port operations of US$1.16 billion, an increase of 10 percent from the US$1.06 billion reported for the first six months of 2022; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$728.88 million, eight percent higher than the US$672.14 million generated the same period last year; and net income attributable to equity holders of US$313.80 million, seven percent more than the US$294.48 million earned in the first half of 2022 primarily due to higher operating income and interest income, and lower COVID-19-related expenses; partially tapered by nonrecurring impairment of goodwill attributed to Pakistan International Container Terminal and increases in depreciation and amortization, interest on loans, lease liabilities and concession rights payable. Excluding the impairment of goodwill attributed to PICT, net income attributable to equity holders would have grown 10 percent to US$324.41 million. Diluted earnings per share increased nine percent to US$0.147 in 2023 from US$0.135 in 2022.
For the quarter ended June 30, 2023, revenue from port operations increased 11 percent from US$534.64 million to US$592.73 million; EBITDA was 12 percent higher at US$374.68 million from US$334.29 million; and net income attributable to equity holders was at US$159.19 million, five percent more than the US$152.20 million in the same period in 2022. Excluding the impairment of goodwill attributed to PICT, net income attributable to equity holders would have grown 12 percent to US$169.80 million. Diluted earnings per share for the second quarter of 2022 and 2023 was at US$0.070 and US$0.075, respectively.