Special report: How rebuilding a port can help rebuild a country
ICTSI’s reconstruction of Iraq’s Basra port
International Container Terminal Services, Inc. (ICTSI) reported audited consolidated financial results for the year ended 31 December 2017, posting revenue from port operations of US$1.244 billion, 10 percent higher compared to US$1.128 billion in 2016; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$578.0 million, 10 percent better than the US$525.1 million generated the previous year; and net income attributable to equity holders of US$182.1 million, up one percent compared to the US$180.0 million earned last year. Fully diluted earnings per share for the period was up six percent to US$0.069 from US$0.065 in 2016.
The increase in net income was mainly due to the continuing ramp-up at the company’s new terminal in Matadi, Democratic Republic of the Congo (DRC); strong operating results from the terminals in Iraq, Mexico, Honduras, Madagascar, China, Poland and Brazil; and the gain related to the termination of the sub-concession agreement in Lagos, Nigeria.