ATI net income up 95.5% in Q1 as volumes grow

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ATI net income up 95.5% in Q1 as volumes grow
Manila South Harbor. File photo from Asian Terminals Inc.
  • Port operator Asian Terminals Inc. reported a net income of P1.18 billion in the first quarter of 2023, a 95.5% surge from the same period last year
  • Growth was driven by continued recovery of trade volumes towards pre-pandemic levels
  • ATI’s Manila and Batangas ports handled a consolidated container throughput of over 384,000 TEUs during the period, a 19.8% year-on-year growth
  • Passenger traffic and car imports at Batangas port grew 57.4% and 5.5%, respectively
  • ATI is allocating a minimum of P5.2 billion in capital investment for 2023

Port operator Asian Terminals Inc. (ATI) reported a net income of P1.18 billion in the first quarter of 2023, a 95.5% surge from P601.9 million in the same period last year driven by continued recovery of trade volumes towards pre-pandemic levels.

In a statement, ATI reported that its revenues for the first quarter of the year reached P3.75 billion, representing an increase of 29.4% from P2.90 billion in the same quarter last year on account of higher volumes of international containers, imported car shipment, and passengers.

ATI’s gateway ports in Manila and Batangas handled a consolidated container throughput of over 384,000 twenty-foot equivalent units (TEUs) during the period, a 19.8% year-on-year growth.

ATI noted that from January to March, Manila South Harbor handled a monthly average of over 100,000 TEUs of international boxed cargoes, a first since the COVID-19 pandemic started.

Batangas port likewise sustained its growth trajectory, handling over 57,000 units of imported completely-built cars and more than 580,000 passengers during the first quarter, for a volume growth of 5.5% and 57.4%, respectively, compared to the same period last year.

To sustain its momentum and in preparation for future trade growth, ATI is allocating a minimum of P5.2 billion in capital investment for 2023.

READ: ATI earmarks P5.2B capex for 2023

This will bankroll the creation of additional berthing spaces and yard facilities, deployment of new cranes and eco-friendly equipment, reopening of the Manila cruise terminal, expansion of ports and logistics touchpoints in key markets, and the rollout of innovations and technologies, in line with ATI’s long-term commitment with the port authority and in support of the Philippine economy.

Anchored on its commitment to delivering sustainable shareholder value, ATI announced the release of an aggregate cash dividend amounting to P2 billion during its annual shareholders meeting held last month. ATI’s board of directors approved the release of regular cash dividends amounting to 88 cents per share, followed by a further 11.20 cents per share as special cash dividend, for a total of P1 per share resulting from ATI’s robust performance in 2022. Dividend payout is scheduled on June 20, 2023.