Port operator International Container Terminal Services Inc. said Thursday net income rose last year despite the weak international trade amid the global pandemic.
The company said net income reached $101.8 million in 2020, up 1 percent from $100.4 million it earned in 2019.
“ICTSI has delivered a positive performance in very challenging circumstances and it highlights not only the significant dedication and commitment of our colleagues who have performed strongly throughout the pandemic but also the agility and strength of our business,” ICTSI chairman and president Enrique K. Razon Jr. said.
Revenue from port operations increased 2 percent in 2020 to $1.505 billion from $1.481 billion in 2019.
ICTSI attributed the growth in 2020 revenue to the contribution of ICTSI Rio, higher revenues from ancillary services, tariff adjustments and new services at certain terminals and favorable translation impact mainly from Philippine peso -based revenues in local terminals.
The port operator handled consolidated volume of 10,193,384 twenty-foot equivalent units in 2020, higher by 0.2 percent than 10,178,018 TEUs it handled in 2019
ICTSI Group’s capital expenditure budget for 2021 is about $250 million, higher from last year’s $197.8 million.
It said the capex would be utilized mainly for the completion of the expansion project at MICT in Manila, the ongoing yard expansion at IDRC in Matadi, Democratic Republic of Congo, the new expansion project at VICT in Melbourne, Australia, equipment acquisitions and upgrades and various maintenance requirements.
ICTSI is a leading global developer, manager and operator of container terminals in the 50,000 to three million TEU/year range. It operates in six continents and continues to pursue container terminal opportunities around the world.