GLOBAL port management company, headquartered in the Philippines, International Container Terminal Services, has released strong first half 2019 financial results and operational performance.
Ramping up activities at its newer terminals has been cited as a significant factor in the strong performance, which included net income growth of 42% to US$128.5 in H1 2019.
ICTS’ first half of 2019 revenue from port operations was US$751.8m, an increase of 14% over the US$661.8m reported for the first six months of 2018; EBITDA was US$424.4m, 19% higher than the US$356.1m generated in the first half of 2018.
“ICTSI’s performance in the first half of 2019 has been very positive. The group’s focus on generating high quality earnings from our ports, ramping up activities at our newer terminals and strong cost control has enabled us to continue to deliver on our strategic objectives,” Enrique K. Razon, Jr., president and chairman of ICTSI said.
“Our business remains relatively unscathed by current geopolitical headwinds, but we remain vigilant and continue to monitor the situation closely. ICTSI is a robust business, strongly placed for the second half and the Board remains confident of the future.”
For the quarter ended June 30, 2019, revenue from port operations increased 9% from US$336.4m to US$368.0m; EBITDA was 13% higher at US$201.9m compared to the same period the year before.
ICTSI handled consolidated volume of 5,041,916 TEU in the first six months of 2019, 7% more than the 4,714,255 TEU handled in the same period in 2018.
The increase in volume was mainly due to continuing ramp-up at ICTSI’s operations in Melbourne, Australia and Manzanillo, Mexico, along with a number of other factors according to the company.
The Victoria International Container Terminal, operated by ICTS, achieved throughput last year of 280,000 TEU. This year the company is aiming for 550,000 TEU but this could push as high as 600,000. The facility has overall capacity of one million TEU.
For the quarter ended June 30, 2019, total consolidated throughput was 7% higher at 2,563,244 TEU compared to 2,388,715 TEU in 2018.