On Thursday, RAZON-LED International Container Terminal Services, Inc. (ICTSI) announced it plans to invest about $250 million this year, mostly on its existing and improvements, installations and maintenance needs, extension programs and new expansions.
‘First of all, the budget will be used to complete the project of the expansion at the Manila International Container Terminal, MICT in Manila, Philippines; ongoing IDRC (ICTSI DR Congo) expansion yard at Matadi, Democratic Republic of Congo; a new VICT expansion project in Melbourne, Australia;
Its capital spending for the 2020 period was above the lowered capex estimate of $160 million, minus the capitalized borrowing costs, reached $198,7 million.
The group has attributed an additional rise to Capex at the new terminal in Kribi, Cameroon or the reestablishment of Capex in other terminal areas, “which in the second half of 2020 saw good growth in volumes.”
Net equity-based ICTSI revenue rose by 1 percent last year to $101.8 million.
The corporation also recorded higher sales (up 2% to $1.5 billion), reduced cash running costs arising from ongoing group-widespread cost reductions and optimisation efforts, a positive link to the new Rio de Janeiro terminal, Brazil, and lower net loss of equities for Joint Projects.
The rise in concession rights interest recognised at the new Cameroon terminal and the full year effect of the New Cameroon Terminal was nevertheless ‘tapered’ by increased payments for damages and the associated expenditures of COVID-19 (coronavirus disease 2019).
EBITDA (earnings before debt, royalties, depletion and repayment) grew by 6% to 876.8 million dollars.
The overall number of equivalents (TEUs) was 10,193,384 last year, which was 0.2% more than the previous year estimated by 10,178,018 TEUs.
In the second half of 2020, ICTSI allocated somewhat more of its unit’s share to Rio de Janeiro, improved trading activity with lower travel limits, and new freight line arrangements and operation agreements on some terminals.
However, this was ‘tapered by a decrease in trade activity, largely attributed to the pandemic in the first half of 2020.’
“The consolidated organic amount would have declined by 2 per cent in 2020 without the contribution of the company’s new terminal in Rio de Janeiro in Brazil,” he added.