Strong year for ICTSI with net income up 44%

International Container Terminal Services, Inc. (ICTSI) recorded a 44% jump in net income to US$618m last year, with container volumes up by 9% as pandemic restrictions eased.

The operator handled 12.2m teu, with the rise primarily due to consolidation of Manila North Harbour Port, Inc. (MNHPI) in Manila, Philippines starting September 2022, as well as trade growth as economies exited pandemic restrictions, and new shipping lines and services arriving at certain terminals.

Enrique K. Razon, Jr., ICTSI Chairman and President said: “In a year marked by geopolitical unrest and inflationary pressures, we took clear and robust actions to focus on our cost initiatives and implemented a selective and disciplined capex programme which has pleasingly created value for our stakeholders.