LISTED port operator International Container Terminal Services, Inc. (ICTSI) expects the arrival of its coronavirus vaccines by June, the company’s top official said.
“When deliveries arrive at the end of the second quarter, we shall immediately roll out our vaccination program for our employees, their direct dependents, and their extended household members,” ICTSI Chairman and President Enrique K. Razon, Jr. said at the company’s annual stockholders’ meeting on Thursday.
In March, Carlito G. Galvez, Jr., the country’s vaccine czar, said the government and the private sector signed an agreement with Moderna, Inc. for 20 million doses of its coronavirus vaccine.
Mr. Galvez said in a statement that the government secured 13 million doses of the Moderna vaccine, while private firms led by ICTSI will get seven million doses for their workers.
“We are honored to be part of this enormous and noble endeavor to help our people recover from the impact of pandemic and to catalyze a return to growth for our nation,” ICTSI said.
The company expects to spend about $250 million this year for its ongoing and new expansion projects, equipment acquisitions and upgrades, and maintenance requirements.
To recall, ICTSI’s capital expenditures (capex) last year, excluding capitalized borrowing costs, reached $198.7 million, exceeding its reduced capex budget of $160 million.
The company’s net income attributable to equity holders grew 1% to $101.8 million in 2020.
ICTSI shares closed 0.08% lower at P126.50 apiece on Thursday. — Arjay L. Balinbin
