Monday , 23 July 2018
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Strong half-year for ICTSI

Throughput increased by 7% at International Container Terminal Services, Inc. (ICTSI) facilities to 4.5m teu in the first half of 2017, as the company performed well in emerging markets.

In particular, it saw operations ramp up in Basra, Iraq, new services in Manzanillo, Mexico and it gained from new terminals in Matadi, Democratic Republic of Congo (DRC), and Melbourne, Australia.

Gross revenues from port operations for increased 10% to US$603.7m, mainly due to volume growth, tariff rate adjustments at certain terminals, new contracts and services with shipping lines.

The terminal operator benefited from continuing improvement in global trade activities with volumes and gross revenue up by 5%, when new terminals are excluded.

Along with the growth of new operations, net income attributable to equity holders was boosted by19% to US$103.6m by the termination of a sub-concession agreement that ICTSI held to develop and operate a container terminal at Lekki Port, Nigeria.

Capital expenditure for the first half of 2017 amounted to US$71m, around 30% of the calendar year’s US$240m capital expenditure budget.

The budget is mainly allocated for the initial stage development of the greenfield projects in Congo and Iraq, the second stage development of the project in Australia, continuing development of the terminals in Mexico and Honduras and capacity expansion in Manila.

In addition, ICTSI invested US$19.7m in Sociedad Puerto Industrial Aguadulce (SPIA) in Buenaventura, Colombia, from ts allocated US$25m for 2017 to complete the initial phase and to finance the start-up operations of its joint venture container terminal project with PSA International.