Port operator International Container Terminal Services Inc. said Monday net income surged 207 percent to $180 million in 2016, on the back of a double-digit growth in containers it handled last year.
ICTSI, led by businessman Enrique Razon, booked total revenues of $1.13 billion, up 7 percent from $1.05 billion in 2015.
The company recognized a non-recurring charge of $23.4 million last year, on the pre-termination of the lease agreement at ICTSI Oregon Inc., the company’s terminal in Oregon.
ICTSI handled consolidated volume of 8,689,363 twenty-foot equivalent units last year, or 12 percent more than 7,775,993 TEUs handled in 2015.
ICTSI said the increase in volume was mainly due to continuing volume ramp-up at ICTSI Iraq, the company’s terminal in Umm Qasr, Iraq; new shipping lines and services at Contecon Manzanillo S.A. in Manzanillo, Mexico, Contecon Guayaquil S.A. in Guayaquil, Ecuador and the terminals in Indonesia; and improvement in trade activities in Madagascar International Container Terminal Services Ltd. in Toamasina, Madagascar, Adriatic Gate Container Terminal in Rijeka, Croatia and in most Philippine terminals.
ICTSI said in the fourth quarter alone, consolidated throughput increased 12 percent to 2,254,171 TEUs in 2016 from 2,007,745 TEUs in 2015.
ICTSI allocated $240 million for 2017 capital expenditure mainly for the completion of the initial stage development of the company’s greenfield projects in Democratic Republic of Congo and Iraq; the second stage development of the company’s project in Australia; continuing development of the company’s container terminals in Mexico and Honduras; and capacity expansion in its terminal operations in Manila.
The company’s capital expenditures in 2016 amounted to $391.9 million. The capital expenditure was mainly to fund the initial development stage of the company’s greenfield projects in Australia, Democratic Republic of Congo and Iraq; the continuing development of the company’s container terminals in Mexico and Honduras; and capacity expansion in its terminal operations in Manila and Ecuador.
ICTSI invested $41.2 million or 69 percent of its $60-million budget in the development of Sociedad Puerto Industrial Aguadulce S.A., its joint venture container terminal development project with PSA International Pte Ltd. in Buenaventura, Colombia.