Asian Terminals earmarks P5.2B for expansion in 2023
MANILA -Asian Terminals Inc. (ATI), which ended 2022 with a robust profit growth, is targeting to spend as much as P5.2 billion this year for its expansion plans.
According to its 2022 financial report, the listed company is working on acquiring additional modern equipment, completing the Batangas Passenger Terminal modernization project, expanding existing port facilities and employing smart IT (information technology) systems, among others.
“In line with its long-term sustainability, ATI explores new business growth drivers, including developing smart cargo storage spaces within and outside port zones, offering ancillary services anchored on its core competencies and exploring new port operations locally or overseas, given the right opportunity,” the port operator said.
Last year, ATI invested P2.8 billion in beefing up its facilities.
The listed company saw its net income attributable to equity holders of the parent firm rise by 35 percent to P3.02 billion last year from P2.24 billion in the same period in 2021, thanks to a healthier topline figure.
Revenues from operations for the period climbed by 22 percent to P13.62 billion from P11.16 billion previously.
Article continues after this advertisementBulk of the total revenues were accounted for by stevedoring services at P5.86 million, followed by arrastre business at P5.53 billion. Earnings from logistics contributed P188.91 million while special or other services amounted to P2.04 billion.
Article continues after this advertisementThe bulk or 95 percent of the total revenues came from foreign clients.
“COVID-19 has impacted the business operations of the company and its offsite facilities. South Harbor volume was impacted by the surge in COVID-19 cases in China for the first half of 2022,” the company explained.
“In general, China port operations slowed down, and in some ports had to suspend operations for days,” it added.
As of end-December 2022, the company’s total assets stood at P34.63 billion.
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