nternational Container Terminal Service Inc. (ICTSI) looks to spend $330 million this year to fund various projects.
The amount will cover the payment of the concession extension upfront fees at Madagascar International Container Terminal Services Ltd. (MICTSL) in Madagascar; and finance the ongoing expansion at IDRC in Matadi, Democratic Republic of Congo; expansion projects at VICT in Melbourne, Australia and Contecon Manzanillo S.A. de C.V. (CMSA) in Manzanillo, Mexico and of berth 8 at the Manila International Container Terminal (MICT); equipment acquisitions and upgrades; and for various maintenance requirements.
The company reported a profit of $428.83 million last year, up 321 percent from last year’s $101.85 million.
Revenues reached $1.87 billion, up 24 percent from $1.5 billion, as the company facilitated the movements of 11.16 million twenty-equivalent units (TEU) cargos last year, up 10 percent.
Earnings before interest tax depreciation and amortization (EBITDA) was at $1.14 billion, up 30 percent.
“Higher volume growth and improvement in trade activities as economies have started to recover have enabled throughput to increase by 10 percent, with EBITDA pushed higher from new terminal contributions,” said Enrique K. Razon, Jr., ICTSI chairman.
“Whilst we are hopeful heading into 2022 that the worst of the COVID-19 crisis is behind us, we are mindful that these results were achieved during a global pandemic which countries are recovering at different rates from. However, we are aware of the potential social, political and economic impact arising as a result of the disconcerting events unfolding in Ukraine and as such are monitoring the situation closely,” Razon added.
