ICTSI revenue rises on termination of Lekki port concession deal 

Philippine port developer International Container Terminal Services (ICTSI) posted revenue from port operations of USD 1.244 billion for the year ended December 31, 2017.

The results are 10 percent higher compared to USD 1.128 billion reported in 2016. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) were also 10% higher year-on-year standing at USD 578 million. Net income attributable to equity holders for the full-year was USD 182.1 million, up one percent from the previous year.

ICTSI said the increase in net income was mainly due to the continuing ramp-up at its new terminal in Matadi, Democratic Republic of the Congo (DRC), strong operating results from the terminals in Iraq, Mexico, Honduras, Madagascar, China, Poland and Brazil, along with the gain related to the termination of the sub-concession agreement at the Lekki deep seaport, Lagos.

The port operator handled consolidated volume came at 9.15 million TEUs in 2017, five percent more than in 2016.

“The increase in volume was primarily due to continuing improvement in global trade activities particularly in the emerging markets, continuing ramp-up at ICTSI’s operations in Basra, Iraq, new services at Manzanillo, Mexico and contribution of new terminals in Matadi, DRC and Melbourne, Australia. Excluding the new terminals, the consolidated volume would have increased by four percent,” the group said.

For 2018, the group has earmarked USD 380 million for capital expenditure, which will mainly be allocated for the capacity expansion in its terminal operations in Manila, Mexico and Iraq.

In addition, ICTSI capital will be directed to the rehabilitation and development of its container terminal in Honduras, procurement of additional equipment and minor infrastructure works in its newly acquired terminal operations in Papua New Guinea, and the completion of its new barge terminal project in Cavite City, Philippines.