ICTSI net income up 44% to $618.46 million in 2022

INTERNATIONAL Container Terminal Services Inc. (ICTSI) registered a 44 percent increase or $618.46 million in its net income in 2022, mainly attributed to the growth in operating income, as a result of strong container volume and strict operational controls.

Enrique Razon Jr., ICTSI chairman and president, said the company delivered a strong performance in 2022 with revenues up 20 percent to $2.24 billion and Ebitda (earnings before interest, taxes, depreciation and amortization) of $1.41 billion, an increase of 24 percent against the previous year driven by tight operational controls and volume growth of 9 percent to 12,216,190 twenty-foot equivalent units (TEU).