ICTSI income grows 43% to $152M in Q2

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LISTED port operator International Container Terminal Services, Inc. (ICTSI) saw its attributable net income for the second quarter of 2022 grow 43% to $152.2 million despite external challenges.

“Our… team, expertise and experience remain key as we continue to navigate geopolitical and economic uncertainties,” Enrique K. Razon, Jr., ICTSI chairman and president, said in an e-mailed statement on Thursday.

“Despite these external challenges, we remain confident in driving growth across our global business and generating long-term sustainable value for the benefit of all our stakeholders,” he added.

The company’s second-quarter revenue from global port operations grew 20% to $534.6 million from $447 in the same period last year.

Earnings before interest, taxes, depreciation, and amortization improved 25% to $334.3 million from $267.7 million previously.

Meanwhile, net income rose 40% to $165 million from $118.2 million in the same period in 2021.

“Diluted earnings per share for the second quarter of 2022 was 57% higher at $0.070 compared to US$0.045 in the same period in 2021,” the company said.

Meanwhile, for the first half, revenue from the company’s global port operations reached $1.06 billion, an increase of 20% from the $882.6 million reported for the first six months of 2021.

Its net income attributable to equity holders for the period reached $294.5 million, 50% more than the $196.7 million earned in the first half of 2021.

The improvement in the second-half net income was “primarily due to higher operating income; higher net foreign exchange gain, increase in equity share in net profit of joint ventures; and strong contribution of new terminals; partially tapered by increase in depreciation and amortization, and interest on loans, concession rights payables and lease liabilities.”

ICTSI shares closed 1.57% higher at P187.90 apiece on Thursday. — Arjay L. Balinbin