The port operator LISTED International Container Terminal Services, Inc. (ICTSI) announced on Monday that its subsidiary, Madagascar International Container Terminal Services Ltd., recently signed an extension of its concession agreement with the Société de Gestion du Port Autonome de Toamasina. (SPAT).
Madagascar International operates the port of Toamasina in Madagascar. He has held the concession since 2005.
The two companies “have extended the original concession contract, which was due to end in October 2025, by 15 years until 2040,” ICTSI said in a disclosure to the exchange.
The port of Toamasina is the main maritime gateway to Madagascar.
“Throughout its tenure, MICTSL (Madagascar International Container Terminal Services Ltd.), in collaboration with SPAT, has constantly increased its capacity and streamlined its services in accordance with the needs of Madagascar’s diverse import and export community,” said declared ICTSI.
“The concession extension complements the $ 639 million port extension project currently underway in Toamasina – with $ 411 million provided by the Japan International Cooperation Agency and $ 227 million by the government of Madagascar. “, he added.
The project, noted ICTSI, guarantees the long-term availability of modern port capacity.
“When ICTSI, together with SPAT, first established a container terminal operation in Toamasina, it quickly became widely recognized as a center of excellence in the region,” said Senior Vice President of ICTSI, Hans-Ole Madsen.
“Today, in this new phase of development, we aim to maintain this momentum, relying on our industry expertise, new technologies, the attention paid to sustainable development and the application of the principles of good citizenship. business, ”he added.
For the first nine months, ICTSI’s total revenue reached $ 1.37 billion, an increase of 24% from $ 1.1 billion previously.
Its net profit attributable to shareholders for the period January to September was $ 316.4 million, 73% more than the $ 182.6 million earned in the same period a year ago.
Its capital expenditures, excluding capitalized borrowing costs, for the first nine months were $ 104 million. The company’s total budget for the year is approximately $ 250 million.
ICTSI shares closed 0.96% lower at P195.50 each on Monday. – Arjay L. Balinbin