International Container Terminal Services Inc. (ICTSI) reported a record-breaking net income of $849.8 million for 2024, marking a 66% increase from the previous year. The growth was driven by higher operating income and increased interest earnings, despite rising loan interest rates and lease liabilities.
The company’s recurring net income rose 23% to $830.94 million, while revenue from port operations climbed 15% to $2.74 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 18% to $1.78 billion, and diluted earnings per share surged 72% to $0.407.
ICTSI Chairman and President Enrique K. Razon Jr. lauded the company’s strong financial performance.
“The Group has delivered another set of excellent results, another year of record EBITDA at $1.78 billion and our highest net income in history of $849.8 million,” Razon said. “Pleasingly, revenues increased by 15% to $2.74 billion, and our cash flow and balance sheet remain strong with free cash flow up by 12% to $1.08 billion, giving us the financial strength and flexibility to pursue new opportunities and invest in existing projects.”
Despite global geopolitical uncertainties, ICTSI’s diversified portfolio continued to thrive.
“These results demonstrate the strength and resilience of our globally diversified origin and destination portfolio,” Razon said. “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.”
ICTSI handled 13.07 million twenty-foot equivalent units (TEUs) in 2024, a 2% increase from 12.75 million TEUs in 2023. The growth was fueled by new services, increased trade activities at certain terminals, and the contribution of the newly acquired Visayas Container Terminal (VCT) in Iloilo, Philippines. However, volume declines at Contecon Guayaquil S.A. (CGSA) in Ecuador and the expiration of the concession contract at Pakistan International Container Terminal (PICT) in Karachi offset some gains.
Gross revenues grew due to volume expansion, tariff adjustments, and higher revenue from ancillary services and general cargo activities. However, revenue was partially impacted by declining volume at CGSA, the expiration of PICT’s contract, and unfavorable foreign exchange effects, particularly from the Brazilian real, Nigerian naira, Mexican peso, and Philippine peso.
Cash operating expenses rose 10% to $727.25 million, primarily due to higher volume, government-mandated salary adjustments, and increased costs in revenue-generating ancillary services. The company’s cost optimization measures and favorable foreign exchange effects helped curb some expenses.
Capital expenditures for 2024 reached $517.14 million, mainly allocated for expansion projects, berth extensions, and new equipment acquisitions. Major investments included the phase 3A expansion at Contecon Manzanillo S.A. in Mexico, berth extension in ICTSI Rio in Brazil, development of VCT in Iloilo, and the East Java Multipurpose Terminal in Indonesia.
For 2025, ICTSI has earmarked approximately $580 million in capital expenditures. The funds will support ongoing projects, including a new terminal in Batangas, further expansions in Mexico and Manila, and new investments in Brazil and the Democratic Republic of Congo.
