ICTSI nets $484.54-M in 9 months

Global port operator International Container Terminal Services, Inc. has reported $484.54 million net income in the first nine months of the year, up 4 percent from $465.13 million in the same period in 2022.

In a disclosure to the Securities and Exchange Commission, ICTSI also reported that revenues from global port operations during the period improved by 7 percent to $1.76 billion from $1.64 billion a year ago.

ICTSI handled a consolidated volume of 9,451,912 twenty-foot equivalent units or TEUs as of end-September, up by 7 percent from the 8,856,303 TEUs handled in the same period in 2022, according to the report.

From January to September, the company spent $233.58 million to fund ongoing expansions. This year, the company expects that spending may reach $400 million to sustain growth momentum.

Among others, the estimated capital expenditure will be utilized to fund the ongoing expansion at the company's terminals in the Philippines, Australia, Mexico, and the Democratic Republic of Congo.

"Looking ahead, whilst we continue to expect a challenging macroeconomic and geo-political environment, we remain confident in the resilience of ICTSI's diverse portfolio. Our strategy as an independent port operator supported by our cost and operational discipline means we are well-positioned for the rest of the year, as well as over the longer term," ICTSI chairman and president Enrique K. Razon Jr. said in the report.

ICTSI develops, operates and manages 33 container terminals in 20 countries across six continents. The terminals' capacity range from 50,000 to 3.5 million TEUs per year.