International Container Terminal Services, Inc (ICTSI) has reported a more than four-fold increase in full-year profit as the sector looks to put the worst of Covid-19 behind it.
The Philippines-based terminal operator said net income for 2021 was $428.6m, 321% up on the $101.7m achieved 12 months earlier.
Revenue from port operations was $1.87bn, a year-on-year increase of 24% on the $1.51bn seen in 2020, the company said.
It attributed this to a combination of factors including volume growth, an improvement in trade activities at most terminals, contribution from new terminals and new contracts from shipping lines.
The company said it saw double digit revenue increase in all three geographic regions with the Americas leading the way at 34% growth.
It added that it saw promising results from new terminals showing positive contribution in the early stages of operations.
ICTSI said container throughput grew by 10% to 11.16m teu, primarily due to volume growth and improvement in trade activities as economies.
“Higher volume growth and improvement in trade activities as economies have started to recover have enabled throughput to increase by 10%,” said ICTSI chairman Enrique Razon.
“Whilst we are hopeful heading into 2022 that the worst of the Covid-19 crisis is behind us, we are mindful that these results were achieved during a global pandemic which countries are recovering at different rates from.
“However, we are aware of the potential social, political and economic impact arising as a result of the disconcerting events unfolding in Ukraine and as such are monitoring the situation closely.”
Looking ahead, ICTSI said its robust free cashflow was providing more room to “improve shareholder returns” and implement the company’s deleveraging programme.
