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International Container Terminal Services Inc. reported a robust first-quarter performance, with net income climbing 14% year-on-year to $239.54 million
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Revenues were up 17% to $745.42 million compared to the same period in 2024
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EBITDA rose 18% to $489.59 million
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Volume handled increased 12% to 3.47 million TEUs
International Container Terminal Services Inc. (ICTSI) reported a robust first-quarter performance, with net income climbing 14% year-on-year to $239.54 million.
Revenues from port operations reached $745.42 million in the January–March 2025 period, marking a 17% increase from $637.65 million a year earlier, the company said in a statement.
The company handled 3.47 million twenty-foot equivalent units (TEUs), up 12% from the previous year, driven by new services, recovery at key ports such as Contecon Guayaquil in Ecuador, and contributions from new operations in the Philippines, particularly the Visayas Container Terminal – but partially offset by the deconsolidation of OJA, Jakarta, Indonesia.
Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, the Group’s consolidated volume would still have been up 12%, according to the global port operator.
Stripping out one-time effects from the 2024 deconsolidation of its Jakarta operations and legal settlement income from ICTSI Oregon, the company noted that net income attributable to equity holders would have risen by 25%.
Earnings before interest, taxes, depreciation and amortization (EBITDA) surged 18% to $489.59 million (18% higher than the $413.76 million in 2024), improving the EBITDA margin to 66% from 65% in Q1 2024. Net income attributable to equity holders of $239.54 million, 14% more than the $209.88 million earned in the same period last year primarily due to higher operating income, partially tapered by higher depreciation and amortization charges.
Excluding the 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 1Q 2024, net income attributable to equity holders would have grown 25%. Diluted earnings per share increased 17% to $0.116 from $0.099 in the first quarter of 2024.
Operating expenses rose 9% to $187.66 million, mainly due to higher volumes and labor costs, but were partially offset by cost efficiency efforts and favorable forex movements.
Capital expenditures for the quarter stood at $133.22 million, supporting ongoing expansion projects in the Philippines, Mexico, the Democratic Republic of Congo, and Brazil. ICTSI has earmarked $580 million in capex for the full year, covering terminal expansions and equipment upgrades across its global network.
ICTSI chairman and president Enrique Razon Jr. credited the company’s strategy and operational breadth for the strong start to the year. “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.”
“Our balance sheet is robust and cash generation has been strong, reinforcing our ability to invest and capitalize on growth opportunities. Looking ahead, we are mindful of the uncertainty over global trading arrangements and potential macroeconomic headwinds but for ICTSI, the direct impact of announced tariffs is small owing to limited exposure to US 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.
READ: ICTSI reports all-time high net income of $849.8M in 2024
