INTERNATIONAL Container Terminal Services (ICTSI) has reported its revenue increased to US$2.39 billion in the 2023 financial year, a 6% increase from 2022.

The terminal operator’s EBITDA increased 7% to a record high of US$1.51 billion, and its net income of US$511.53 million was 17% lower than figures posted in the previous financial year.

ICTSI’s throughput grew 4% to 12.75 million TEU in the 2023 financial year. It attributed the increase in consolidated volume primarily to contributions of the Manila North Harbour Port in the Philippines.

And while revenues for port operations were up, ICTSI said the results were partially tapered by factors including a slowdown in trade activities at Victoria International Container Terminal (VICT) and “unfavourable translation impact” of Philippine Peso- and Australian Dollar- based revenues at Philippine terminals and VICT in Australia, respectively.

ICTSI president Enrique Razon attributed the increase in revenue and EBITDA to the efforts of the terminal operator’s colleagues.

“While the geopolitical backdrop remains complex, 2024 is set to be ripe with opportunities as we continue to invest in new and existing terminals,” he said.

“We have a stronger platform than ever to grow, to drive market share and continue our successful track record as a responsible business that creates long term sustainable value for all its stakeholders.” 

ICTSI operates in six continents and said it continues to pursue container terminal opportunities around the world.