Bilyonaryo Ricky Razon is ‘exceptionally delighted’ on the robust performance of his global port empire which has already outstripped pre-pandemic levels.
International Container Terminal Services Inc. (ICTSI) reported profits of $106.67 in the second quarter of 2021, nearly double its $56.607 million profits in the same period in 2019 or before the once in a century pandemic struck in March 2020.
ICTSI generated revenues of $447 million in the second quarter of 2021, up 21 percent from $368 million in the same period in 2019. Volumes swelled to 2.751 million TEUs in the second quarter, up 7.3 percent from 2.564 million TEUs in the same period in 2019.
“I am exceptionally delighted with the performance we have delivered 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,” said ICTSI chairman and president Enrique K. Razon Jr. in a
“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 added.
Razon cited the strong organic growth across ICTSI’s terminals. Its international operations were on overdrive due to volume growth, 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 in Cameroon, Nigeria, and Manila Harbor Center Port Services.
ICTSI has spent $74.4 million out of its $250 million capital expenditures for 2021. These were mainly for the ongoing expansions at Manila International Container Terminal (MICT) in the Philippines and ICTSI DR Congo (IDRC), and the acquisition of port facilities and equipment at ICTSNL in Port of Onne in Nigeria. Razon said the rest of its capex would be used for the completion of the expansion project at MICT, the ongoing yard expansion at IDRC, the new expansion project at Victoria International Container Terminal (VICT) in Melbourne, Australia, equipment acquisitions and upgrades, and for various maintenance requirements.