ICTSI increases profit by 34% to US$420m in first half of 2024
International Container Terminal Services, Inc. (ICTSI) has recorded a 24% increase in net income to US$420.55m in the first six months of 2024 while container throughput negligibly rose by 1% to 6.31m teu across the same period.
The small growth in volumes was mainly due to the impact of new services and improvement in trade activities at certain terminals offset by the decrease in volumes at Contecon Guayaquil S.A. (CGSA), the expiration of the concession contract at Pakistan International Container Terminal (PICT) and deconsolidation of PT PBM Olah Jasa Andal (OJA) in Jakarta.
Additionally, EBITDA increased by 19% to US$864.99bn and revenue grew by 13% to US$1,32bn, which was attributed to a favourable translation of the appreciation of Mexican Peso-based revenues and growth in cargo activites at certain terminals.
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