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International Container Terminal Services, Inc. booked a record net income of $483.84 million in the first half of the year, up 15% year-on-year
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Consolidated throughput grew 11% to 6.99 million TEUs
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Revenues advanced 14% to $1.51 billion
International Container Terminal Services, Inc. (ICTSI) booked a record net income attributable to equity holders of $483.84 million in the first half of the year, up 15% from $420.55 million year-on-year. The increase is mainly due to higher operating income but partly tempered by higher depreciation and amortization charges, the company said in a statement.
Revenue from port operations jumped 14% to $1.51 billion compared to $1.32 billion for the same period in 2024, based on unaudited consolidated financial results for the first half of 2025.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $990.54 million advanced 15% from $864.99 million.
Excluding income from the settlement of legal claims at ICTSI Oregon and the impact of the deconsolidation of PT PBM Olah Jasa Andal (OJA), Jakarta, Indonesia in the first half of 2024, net income attributable to equity holders would have grown 20%, the company said.
Diluted earnings per share increased 17% to $0.235 from $0.200 in the first half of 2025.
“We have continued our strong momentum, with ICTSI’s exceptional performance in the first half of 2025, underscoring the strength and agility of our diversified global operations. With revenue from port operations reaching $1.51 billion and EBITDA climbing to $990.54 million, we delivered a record net income of $483.84 million over the period – up 15 percent year-on-year. This achievement reflects our continued focus on operational excellence, strong balance sheet, strategic expansion, and disciplined cost management,” Enrique Razon Jr., ICTSI chairman and president said.
“We have seen significant growth both operationally, an 11 percent increase in consolidated volume, and in the value we create for our shareholders, with a 17 percent increase in diluted earnings per share, demonstrating the resilience of our business and success of our growth strategy. As we invest in key terminals across the Americas, Asia, and Africa, we remain committed to driving sustainable growth and innovation throughout our global portfolio.”
For the quarter ended June 30, 2025, revenue from port operations jumped 12% from $684.02 million to $764.63 million; EBITDA was 11% higher at $500.94 million from $451.23 million; and net income attributable to equity holders was at $244.31 million, 16% more than the $210.67 million in the same period in 2024. Diluted earnings per share for the second quarter of 2024 and 2025 was at $0.101 and $0.119, respectively.
ICTSI handled consolidated volume of 6,989,075 twenty-foot equivalent units (TEUs) in the first half of 2025, 11% higher than the 6,312,163 TEUs handled in the same period in 2024. The volume growth was mainly due to improvement in trade activities across all regions. Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, the Group’s consolidated volume would still have been up 11%.
For the quarter ended June 30, 2025, total consolidated throughput was 9% higher at 3,517,162 TEUs compared to 3,222,044 TEUs in 2024.
Gross revenues from port operations for the first half of 2025 grew 14% to $1.51 billion from $1.32 billion reported in the same period in 2024 mainly due to the tariff adjustments, volume growth with favorable container mix, and higher revenues from ancillary services at certain terminals, including growth in general cargo activities. This was partially offset by unfavorable foreign exchange translation impact mainly from the depreciation of Mexican Peso (MXN)-, and Brazilian Real (BRL)-based revenues. Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, the Group’s consolidated gross revenues would still have increased 14%.
Consolidated cash operating expenses in the first six months of 2025 were 9% higher at $381.73 million compared to $349.43 million in the same period in 2024. The increase in cash operating expenses was mainly due to higher volumes, including increases related to the growth in revenue generating ancillary services and general cargo activities at certain terminals, and government-mandated and contracted salary rate adjustments. This was tapered by continuous cost optimization measures and favorable foreign exchange effects mainly of BRL-, MXN- and AUD-based expenses. Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, consolidated cash operating expenses would still have increased 9%.
Consolidated EBITDA for the six months of 2025 increased 15% to $990.54 million from $864.99 million in the same period in 2024. Consequently, the EBITDA margin improved to 66% from 65%.
Consolidated financing charges and other expenses decreased seven 7% to $87.81 million from $93.92 million for the same period in 2024 mainly due to the deconsolidation of OJA, Jakarta, Indonesia and lower financing charges.
Capital expenditures, excluding capitalized borrowing costs, amounted to $231.98 million for the first half of 2025. These were mainly for ongoing expansions at Contecon Manzanillo S.A. (CMSA) in Mexico, certain Philippine terminals, and ICTSI DR Congo S.A. (IDRC) in Democratic Republic of Congo; and equipment acquisitions and upgrades at certain terminals. The Group’s estimated capital expenditures for 2025 is approximately $580 million which will be utilized mainly for the continued development of the new project in Batangas, Philippines, phase 3B expansion in CMSA, Manzanillo, Mexico, expansion of MICT, Manila, Philippines, and IDRC, Matadi, DRC; new expansion projects at ICTSI Rio, Brazil and Mindanao Container Terminal, Cagayan de Oro, Philippines; various other equipment acquisitions and upgrades; and maintenance capex.
READ: ICTSI income climbs 14% to $239.54M in Q1
