In 2023, International Container Terminal Services, Inc. (ICTSI) handled a consolidated volume of 12,749,214 TEUs, marking a 4% increase compared to the 12,216,190 TEUs handled in 2022.
The rise in consolidated volume was primarily driven by the contribution of Manila North Harbour Port (MNHPI) in Manila, Philippines, effective from September 2022, alongside enhanced trade activities and the introduction of new services at specific terminals.
However, this growth was offset by factors such as the conclusion of the concession contract at PICT in Karachi, Pakistan, the cessation of cargo handling operations at Makassar Terminal Services (MTS) in Makassar, Indonesia, and Davao Integrated Port and Stevedoring Services Corporation (DIPSSCOR) in Davao, Philippines.
In addition, a slowdown in trade activities at select terminals also contributed to tempering the overall growth. Excluding the contributions from MNHPI, PICT, MTS, and DIPSSCOR, the consolidated volume would have seen a 2% increase.
“I am proud of the Group’s performance in 2023, the efforts of ICTSI’s colleagues around the world have resulted in revenues increasing by 6% to US$2.39 billion and record EBITDA of US$1.51 billion. In the past year, the Group delivered industry outperformance, illustrating the strength of its diversified portfolio and operating strategy as well as our financial discipline,” stated Enrique K. Razon, chairman and president of ICTSI.
In 2023, International Container Terminal Services (ICTSI) released its audited consolidated financial results, revealing a revenue from port operations of US$2.39 billion, marking a 6% uptick from the previous year’s US$2.24 billion.
The company’s Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) reached US$1.51 billion, reflecting a 7% increase compared to the US$1.41 billion reported in 2022. However, net income attributable to equity holders stood at US$511.53 million, representing a 17% decline from the prior year’s US$618.46 million.
This drop was primarily attributed to a non-recurring and non-cash impairment of goodwill associated with the acquisition of Pakistan International Container Terminal (PICT) in Karachi, Pakistan, as well as other noncurrent assets.
Additionally, there were increases in depreciation and amortization, interests on loans, lease liabilities, concession rights payable, and equity shares in net loss of joint ventures. Nonetheless, this was partly tapered by higher operating income, interest earned from short-term investments and deposits, and decreased COVID-19-related costs.
Excluding the impairment of goodwill related to PICT and other non-current assets, net income attributable to equity holders would have seen a 7% growth to US$676.83 million. Diluted earnings per share declined by 17% to US$0.237 in 2023 from US$0.287 in 2022.
