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ICTSI unit to develop multipurpose terminal in Nigerian Port

ICTSI unit to develop multipurpose terminal in Nigerian Port By JON VIKTOR D. CABUENAS, GMA News Published March 4, 2021 12:00pm Razon-led International Container Terminal Services Inc. (ICTSI) has inked a lease agreement to develop a multipurpose terminal in Nigeria s Port of Onne. In a regulatory filing on Thursday, ICTSI said its subsidiary International Container Terminal Services Nigeria Ltd. (ICTSNL) will take charge of the project in agreement with the Nigerian Port Authority. The multipurpose terminal will be designed to handle containers as well as general cargo, including project, heavy lift, and roll-on/roll-off cargoes, the disclosure read. ICTSNL will also develop and equip Berths 9, 10, and 11 of the Federal Ocean Terminal of the Onne Port Complex in the Rivers State.

ICTSI earnings remain steady amid pandemic

Published March 4, 2021, 4:20 PM International Container Terminal Services, Inc. (ICTSI) reported a slight uptick in audited consolidated attributable net income to US$101.8 million last year, one percent higher than the US$100.4 million earned in 2019. In a disclosure to the Philippine Stock Exchange, the firm said the growth in earnings is mainly because of higher revenues, lower cash operating expenses resulting from continuous group-wide cost reduction and optimization measures. Revenue from port operations reached US$1.51 billion in 2020, two percent higher compared to the US$1.481 billion reported the previous year. The firm said this is due to the positive contribution of a new terminal in Rio de Janeiro, Brazil, and lower equity in net loss of joint ventures; tapered by an increase in interest on concession rights payable recognized at the new terminal in Cameroon and the full year impact of the new terminal in Brazil; additional impairment charges

ICTSI 2020 Net Income Up 1% to US$101 8M; Recurring Net Income 9% Higher at $282 1M

ICTSI 2020 Net Income Up 1% to US$101 8M; Recurring Net Income 9% Higher at $282 1M
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Global Ports and Terminal Operations Market Rapid Economic Growth, Strategic Assessment With and Top Players

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