ICTSI subsidiary ICTSI Africa B.V. (IABV) concluded the acquisition of an additional 10% stake in International Container Terminal Services Inc. – DR Congo (IDRC) on 25 May, said Philippines-headquartered ICTSI in a Philippine Stock Exchange filing.
“The 10% was acquired from another shareholder, La Societe D’Investissement et de Placement SARL, and such increased IABV’s ownership of IDRC from 52% to 62%,” said ICTSI.
In January 2014, ICTSI entered a joint venture agreement with La Société De Gestion Immobilière Lengo (SIMOBILE) to develop a container and general cargo terminal on along the river bank of the Congo River at Mbengu Matadi, Democratic Republic of the Congo. ICTSI and SIMOBILE formed a joint venture company, Matadi Gateway Terminal to operate and manage the facility.
ICTSI published its financial results for the quarter ended 31 March 2021 on 6 May. The company saw revenue from port operations of USD435.6 million, an increase of 16 percent over the USD375.8 million reported for the same period last year. Throughput grew 8% to 2.7 million TEUs.
ICTSI handled consolidated volume of 2,707,791 twenty-foot equivalent units (TEUs) for the quarter ended March 31, 2021, eight percent more than the 2,508,986 TEUs handled in the same period in 2020 primarily due to improvement in trade activities as economies recover from the impact of the pandemic; and new shipping lines and services at the company’s operations overseas.