International Container Terminal Services, Inc. (ICTSI) posted a 14 percent increase in net income to US$239.54 million in the first quarter of 2025, driven by strong operational performance and volume growth across its global portfolio.
Recurring net income rose by 25 percent when adjusted for one-off items, reflecting underlying strength in the company’s diversified operations.
Revenues from port operations climbed 17 percent to US$745.42 million, up from US$637.65 million in the same period last year, while consolidated EBITDA rose 18 percent to US$489.59 million, with margins improving to 66 percent from 65 percent.
Diluted earnings per share increased by 17 percent to US$0.116 from US$0.099 in the first quarter of 2024.
“I am pleased to report a strong start to the financial year with ICTSI delivering increase in revenues of 17 percent to US$745.42 million and setting another record high net income of US$239.54 million, up 14 percent,” said ICTSI Chairman and President Enrique K. Razon Jr.
“Our international portfolio performed very well with consolidated volume up 12 percent, benefiting from our geographic diversification across 19 countries, which has enabled us to generate continued growth,” Razon added.
The group handled 3,471,913 twenty-foot equivalent units (TEUs) in the first quarter, a 12 percent rise from 3,090,118 TEUs year over year, supported by new services, trade recovery in select terminals, and contributions from the Visayas Container Terminal in Iloilo.
Growth was partially offset by the deconsolidation of PT PBM Olah Jasa Andal (OJA) in Jakarta, Indonesia, which ceased to contribute to group results starting 2024.
Excluding discontinued operations and new terminal contributions, volume growth remained robust at 12 percent, underlining strong performance across the company’s core terminals.
Port revenues were buoyed by a favorable container mix, tariff adjustments, increased ancillary services, and general cargo activity in several locations, with headwinds from currency depreciation in Mexico, Brazil, the Philippines, and Australia slightly tempering gains.
Cash operating expenses increased 9 percent to US$187.66 million, attributed to higher throughput, ancillary service expansion, wage adjustments, and government-mandated salary hikes.
Despite cost pressures, ICTSI maintained profitability through strict cost controls and favorable currency effects on expenses.
“Our balance sheet is robust and cash generation has been strong, reinforcing our ability to invest and capitalize on growth opportunities,” Razon said.
He noted that global uncertainties and tariff shifts pose limited direct risk to ICTSI due to minimal exposure to U.S. trade.
“We look to the future with confidence, and with our highly disciplined business model and diversified operations, ICTSI remains resilient and in a strong position to continue to deliver financially and operationally for our stakeholders,” he said.
Consolidated financing charges declined by 5 percent to US$44.02 million, aided by the exit from OJA operations despite higher interest costs from new borrowings.
ICTSI spent US$133.22 million in capital expenditures during the quarter, focused on terminal expansions in Mexico, the Philippines, and the Democratic Republic of Congo, alongside equipment upgrades.
Full-year capex is projected at approximately US$580 million, earmarked for ongoing developments including the Batangas terminal and expansions in Manila, Cagayan de Oro, Brazil, and DRC.
ICTSI, a global port operator with a presence on six continents, continues to explore opportunities in the 50,000 to 3.5 million TEU range.
