ICTSI 9-month net income up 73 percent to $316 million as port operations recover

ABS-CBN News

Posted at Nov 04 2021 05:33 PM

MANILA - Port operator ICTSI said Thursday its net income climbed 73 percent to $316 million in the January to September period. 

ICTSI chairman and president Enrique Razon said the company saw a considerable improvement in trade activities and outperformance in Asia, the Americas and EMEA as economies continue to recover from the impact of the COVID-19 pandemic and lockdown restrictions ease. 

"This has led to strong performance this quarter for ICTSI. Net income has grown 73 percent, driven by growth in revenue and increased volume from port operations across all three regions," Razon said. 

ICTSI's revenues from port operations in the first 9 months of 2021 reached $1.365 billion, an increase of 24 percent from the same period last year.

Meanwhile, EBITDA reached $829.4 million, 29 percent higher than the same period last year. 

Despite this ICTSI recognizes that the pandemic is not yet over, Razon said.
 
“We remain mindful that the pandemic continues to create challenges throughout our industry. We have good momentum to deliver further disciplined growth and we look to the future with confidence.” 

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