Ricky Razon’s ICTSI delivers another strong performance; net income jumps 50% in first 6 months

International Container Terminal Services Inc. (ICTSI) of ultra bilyonaryo Enrique K. Razon Jr. grew its earnings by half in the first semester to $294.5 million as revenues from its global network of ports continued to pick up.

“We have delivered another period of strong operational and financial results across our global portfolio with throughput growth of five percent,” said Razon, ICTSI chairman and president.

Revenue from its global port operations rose 20 percent to $1.06 billion with volume growth at most terminals, tariff adjustments and new contracts with shipping lines and services bolstering results.

Higher revenues from ancillary services and contribution of new terminals in the Philippines, Nigeria and Brazil likewise buoyed the company’s financial performance.

Excluding the contribution of the new terminals, ICTSI’s consolidated gross revenues from global port operations would have increased by 17 percent in the first half.

ICTSI handled consolidated volume of 5.75 million twenty-foot equivalent units (TEUs), five percent more than the previous year due to volume growth and general improvement in trade activities as economies continue to recover from the impact of the COVID-19 pandemic and lockdown restrictions.

“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. Our talented team, expertise and experience remain key as we continue to navigate geopolitical and economic uncertainties,” Razon said.

Despite external challenges, Razon said ICTSI remains confident about driving growth across its global business and generating long-term sustainable value for the benefit of all its stakeholders.

ICTSI has earmarked $330 million for capital expenditures this year, of which $231.3 million had already been spent mainly for ongoing expansion projects and acquisition of land in the Philippines and in Brazil for new projects.

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