Annual profit for International Container Terminal Services Inc (ICTSI) leapt 44% as the ports sector continued to come back from the pandemic’s negative impacts such as lower volumes and worker shortages.

The Philippines port operator posted $619m in net income for 2022, compared with $429m for the previous year.

Revenue improved 20% to $2.24bn for 2022 from $1.87bn for 2021, mainly due to volume growth and market recovery from the impact of the pandemic, the company said.