INTERNATIONAL Container Terminal Services (ICTSI) has reported an EBITDA of US$1.11 billion for the first nine months of 2023, a 7% increase on the same period last year.

Revenue from port operations also increased 7% and came to US$1.76 billion for the nine-month period. Net income increased 4% to US$484.54 million.

ICTSI handled 9.45 million TEU in the first nine months of the year, another 7% increase, up from 8.86 million TEU handled in the same period of 2022.

ICTSI chairman and president Enrique Razon said he was pleased to announce sustained growth across the group.

“These excellent results were delivered against some very strong prior year comparatives,” he said.

The terminal operator attributed the growth in consolidated volume to its Manila North Harbour Port in the Philippines.

And revenue growth was attributed to tariff adjustments, volume growth and higher revenues from ancillary services and general cargo business at certain terminals, as well as contributions from some terminals.

ICTSI noted several factors which “partially tapered” its revenue results, including a slowdown in trade activities at Victoria International Container Terminal in Melbourne.

Consolidated cash operating expenses in the first nine months of 2023 was 12% higher at US$489 million compared with US$438 million in 2022.

Capital expenditures, excluding capitalised borrowing costs, amounted to US$233.58 million for the first nine months of 2023.

ICTSI said CAPEX was mainly for expansions and acquisition of equipment at terminals in Mexico, the Philippines, the Democratic Republic of the Congo and also at Australia’s VICT.

“Looking ahead, whilst we continue to expect a challenging macro-economic and geo-political environment, we remain confident in the resilience of ICTSI’s diverse portfolio,” Mr Razon said.

“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.”