LISTED port operator International Container Terminal Services, Inc. (ICTSI) announced on Monday that its subsidiary, Madagascar International Container Terminal Services Ltd., recently signed an extension to its concession agreement with the Société de Gestion du Port Autonome de Toamasina (SPAT).

Madagascar International operates the port of Toamasina in Madagascar. It has held the concession since 2005.

The two companies “extended the original concession agreement, which was to end in October 2025, by 15 years to 2040,” ICTSI said in a disclosure to the stock exchange.

The Port of Toamasina serves as Madagascar’s primary maritime gateway.

“Throughout its tenure MICTSL (Madagascar International Container Terminal Services Ltd.), working in conjunction with SPAT, has consistently added capacity and streamlined services in line with the needs of Madagascar’s diverse import and export community,” ICTSI said.

“The concession extension complements the $639-million port expansion project now underway in Toamasina — with $411 million provided by the Japan International Cooperation Agency and $227 million by the government of Madagascar,” it added.

The project, ICTSI noted, ensures the long-term availability of modern port capacity.

“When ICTSI, working with SPAT, first established a container terminal operation in Toamasina, it quickly became widely recognized as a center of excellence in the region,” ICTSI Senior Vice-President Hans-Ole Madsen said.

“Today, in this new phase of development, we aim to maintain this momentum, drawing on our industry expertise, new technology, attention to sustainability and applying the principles of good corporate citizenship,” he added.

For the first nine months, ICTSI’s total revenues hit $1.37 billion, a 24% increase from $1.1 billion previously.

Its net income attributable to equity holders for the January to September period was $316.4 million, 73% higher 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 reached $104 million. The company’s total budget for the year is about $250 million.

ICTSI shares closed 0.96% lower at P195.50 apiece on Monday. — Arjay L. Balinbin

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