Net income was up 29% to US$184.9M in the first nine months of this year, revenues increased 10% to US$1,107.3M and EBITDA was 14% higher at US$624.3M
Enrique K Razon, Jr, Chairman and President of ICTSI said: “ICTSI has continued to deliver strong financial performance driven by organic volume growth, diligent cost management, and the continued ramp up of newer terminals. Positive progress has been made across the business which in part has been enabled by the prudent investments we make in our brownfield terminals.
“While we remain conscious of the current geopolitical trade tensions, we are well-positioned to deliver value for all our stakeholders.”
ICTSI handled consolidated volume of 7,590,090 TEU in the first nine months of 2019, 6% more than the 7,152,392 TEU handled in the same period in 2018. The increase in volume was mainly due to continuing ramp-up at ICTSI’s new terminals in Lae and Motukea in Papua New Guinea; improvement in trade activities in Subic, Philippines, Matadi, Democratic Republic of Congo and Basra, Iraq; new contracts with shipping lines and services at Victoria International Container Terminal (VICT) in Melbourne, Australia, Baltic Container Terminal (BCT) in Gdynia Poland, Adriatic Gate Container Terminal (AGCT) in Rijeka, Croatia and Contecon Manzanillo S.A. (CMSA) in Manzanillo, Mexico.
For the quarter ended September 30, 2019, total consolidated throughput was five percent higher at 2,548,175 TEU compared to 2,438,137 TEU in 2018.
ICTSI has formally inaugurated two new berths at Basra Gateway Terminal (BGT). For the first time the port of Umm Qasr, Iraq’s main dry cargo port, has the ability to handle container vessels of up to 14,000 TEU.
The inauguration ceremony marked both the opening for business of the two new berths, Berths 25 and 26, and the completion of ICTSI’s overall US$250M investment programme.
Design depth alongside Berths 25 and 26 is 14M and between them 25-27 provide a contiguous quay length of 600m. The new berths are equipped with 56m outreach STS cranes able to reach 21 rows across.
BGT already receives direct calls from a number of shipping lines, but traditionally these vessels have not been fully utilised due to draft limitations. The latest berth development removes this limitation and, says ICTSI, encourages other shipping lines to introduce larger vessels with the resulting cost and efficiency benefits passing directly to cargo owners.