ICTSI unit increases its share in the Pakistan terminal to 71.7 percent

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A SUBSIDIARY of International Container Terminal Services, Inc. (ICTSI) has purchased an additional 7.15 percent interest in Pakistan International Container Terminal Ltd. (PICT), according to the port operator headed by Enrique K. Razon, Jr.

“ICTSI Mauritius Ltd., a wholly-owned subsidiary of ICTSI, today completed the purchase of an additional 7.15 percent interest in PICT by crossing 7,800,000 ordinary shares on the Pakistan Stock Market,” ICTSI stated in a stock exchange statement.

According to the firm, the deal raised ICTSI Mauritius’ stake in PICT from 64.54 percent to 71.68 percent.

According to ICTSI’s website, PICT is part of the broader Karachi Port, which is located in Pakistan’s biggest metropolitan metropolis and the capital of Sindh province.

According to ICTSI, PICT, situated on the east wharf of the Karachi Port, handles 85 percent of the Arabian/Persian Gulf market, including industrial scrap.

ICTSI recently announced an 89 percent rise in second-quarter net income, outperforming its pre-pandemic performance in 2019.

The company’s net income was $118.2 million in the second quarter, up from $62 million in 2020 and $65 million in 2019.

Its attributable net income for the quarter increased by 98 percent to $106.6 million, up from $53.8 the previous quarter. Total sales increased by 28% to $447 million.

Mr. Razon said in a statement that the results were driven by good market circumstances and sensible measures made by the business at the start of the epidemic.

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