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ICTSI 2021 Net Income Up 321% to US$428.57M; Recurring Net Income 57% Higher at US$442.83M

Gross revenues from port operations grew by 24 percent in 2021 to US$1.87 billion compared to the US$1.51 billion reported in 2020 mainly due to volume growth and improvement in trade activities at most terminals; favorable container mix; tariff adjustments at certain terminals; new contracts with shipping lines and services; higher revenues from ancillary services; contribution of new terminals – ICTSNL in Rivers State, Nigeria, Manila Harbor Center Port Services, Inc. (MHCPSI) in Manila, Philippines, Kribi Multipurpose Terminal (KMT) in Kribi, Cameroon, and IRB Logistica in Rio de Janeiro, Brazil; and net favorable impact of foreign exchange at certain terminals; partially tapered by decline in trade activities at certain terminals primarily due to the impact of COVID-19 pandemic. Excluding the contribution of new terminals in Nigeria, Philippines, Cameroon, and Brazil, consolidated gross revenues would have increased by 21 percent in 2021. Read more…

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