Through Arjay L. Balinbin, Senior reporter
ITNERNATIONAL Container Terminal Services, Inc. (ICTSI) is studying business opportunities in the tech space as the global health crisis affecting industries continues, an official at the listed port operator said on Wednesday.
“We are, I mean at least at the terminal level, really looking at opportunities in the technology space,” ICTSI Executive Vice President Christian Martin R. Gonzalez said at a online forum organized by the Makati Business Club.
“We are certainly looking for opportunities also vertically, in the logistics sector, but we have also always been very careful not to compete with our customers,” he added.
In his analysis published on the Asian Development Bank (AfDB) blog, Yesim Elhan-Kayalar, adviser in the AfDB’s Economic Research and Regional Cooperation Department, said that smart ports are needed for transportation maritime is recovering from the global health crisis.
“The good news is that many ports have already charted the way forward, and local port authorities can look to early adopters for examples that can be replicated,” she noted.
During the forum, Mr. Gonzalez explained how ICTSI is addressing the challenges posed by the pandemic crisis.
ICTSI operates on foundations built in the past, he said.
Openness to innovation and new technologies, trust in the business system, hiring people who thrive in this system and empathy are some of ICTSI’s approaches to dealing with the current crisis.
ICTSI recently announced an 89% increase in its second quarter net profit, surpassing its pre-pandemic performance in 2019.
The company’s net income for the second quarter was $ 118.2 million, up from $ 62 million in 2020 and $ 65 million in 2019.
Its attributable net income for the quarter climbed 98% to $ 106.6 million from 53.8 million previously. Total revenue increased 28% to $ 447 million.
The results were driven by favorable market conditions and cautious actions taken by the company at the start of the pandemic, ICTSI President and Chairman Enrique K. Razon, Jr. said in a statement.