ICTSI boosts annual revenues and earnings

Global port and terminal operator International Container Terminal Services, Inc. (ICTSI) reported audited consolidated financial results for 2024, posting revenue from port operations of US$2.74 billion, an increase of 15% from the same period in 2023.

Additionally, ICTSI increased its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) by 18% to US$1.78 billion and its net income attributable to equity holders by 66% to US$850 million. At the same time, the company’s diluted earnings per share increased 72% to US$0.407 in 2024 from US$0.237 in 2023.

Furthermore, ICTSI’s terminals handled 13.07 million TEUs worldwide in 2024, representing a 2% increase compared to the previous year. The growth was mainly due to the impact of new services and improvement in trade activities at certain terminals, and the contribution of Visayas Container Terminal (VCT), the new terminal in Iloilo, Philippines; partially offset by the decrease in volume at Contecon Guayaquil S.A. (CGSA), Guayaquil, Ecuador, the impact of expiration of the concession contract at PICT, Karachi, Pakistan, and the deconsolidation of OJA, Jakarta, Indonesia.

Enrique K. Razon Jr., ICTSI Chairman and President, stated: “While we continue to be mindful of the complex geopolitical backdrop, these results demonstrate the strength and resilience of our globally diversified origin and destination portfolio. I would like to thank our ICTSI colleagues all over the world for their unwavering focus, hard work and dedication in delivering another outstanding year.”

The Group’s estimated capital expenditures for 2025 are approximately US$580 million. According to the statement, the estimated capital expenditure will be utilized mainly for the continued development of the new project in Batangas, Philippines, phase 3B expansion in Manzanillo, Mexico, expansion of MICT, in Manila, Philippines, and IDRC in Matadi, DRC. Additionally, new expansion projects at Brazil’s ICTSI Rio and Mindanao Container Terminal in Cagayan de Oro, Philippines are expected to proceed.

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