Ricky Razon’s ICTSI on a strong growth path, Q1 profit jumps 58% despite global supply chain woes
Business

Ricky Razon’s ICTSI on a strong growth path, Q1 profit jumps 58% despite global supply chain woes

International Container Terminal Services Inc. (ICTSI) made a strong start to the year, boosted by robust contributions from new terminals and joint ventures as well as increasing trade.

ICTSI saw its first quarter net income expand by 58 percent to $142.3 million on the back of a 21 percent jump in revenues to $528.3 million.

Equity share in net profit of joint ventures soared by 4,846 percent to $2.1 million due to the lower net loss at Sociedad Puerto Industrial Aguadulce S.A.

ICTSI handled consolidated volume of 2.83 million twenty-foot equivalent units (TEUs), up five percent due to new contracts with shipping lines and services at certain terminals as well as the contribution of the Nigeria terminal.

Company chairman and president Enrique K. Razon Jr. said: “These results demonstrate the strength of our business and its ability to deliver growth through our diversified portfolio and longstanding, positive relationships with local communities all over the world,” said ICTSI chairman and president

“We are cognizant of challenges ahead as the tragic conflict in Ukraine impacts the global economy and continue to monitor the situation carefully. However, ICTSI is a resilient business and I am confident that together with our talented team of people, we will continue to deliver value to all our stakeholders,” Razon added.

 

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