fbpx

National champion ICT beats the pandemic slowdown

International Container Terminal Services (ICT) is one of the truly global Philippine companies. ICT operates port in Indonesia, Papua New Guinea, China and in Melbourne, Australia. The company has operations in the Middle East, Africa and Europe. In the Americas, it operates port in Brazil, Argentina, Mexico, Ecuador, Colombia, and Honduras. ICT carries the Philippine mark of operational excellence in port operations abroad competing with PSA International of Singapore, Hutchison Port Holdings of Hong Kong, Dubai Ports World, AP Moller Terminals, China Ocean Shipping Company, and Evergreen Marine. For competing with the biggest in the world in the world stage, ICT is a national champion.

While the pandemic may have slowed down economic activities in 2020, ICT was busy as it can get moving goods around. Revenue rose by US$15.6 Million in 2020 as compared to pre-pandemic 2019. The revenue growth also translates to increase in net income. The strong revenue result even allowed ICT to make an impairment charge on goodwill and nonfinancial assets of US$180.3 Million without affecting the bottom line.

Cash flow from operations was also strong at US$803.7 Million an improvement from the US$758.8 in 2019. The strong cash flow from operations coupled with a disciplined approach to capital expenditures allowed ICT to bolster its cash balance to US$734.8 Million. That would be 3.12X its cash balance as of the end of 2019. ICT is fortifying its balance sheet.

On March 5, 2021, a day after ICT released its financial results, ICT jumped 5.13% to close at 124.90

You may follow our views and commentaries in Google News in the web or in the Google News app. Just search accuretti.com in Google News (or click this link). Then click the star to follow.

Leave a Reply

%d bloggers like this: