-
International Container Terminal Services, Inc. reported an all-time high net income attributable to equity holders of $849.8 million in 2024, a 66% surge from the $511.53 million earned in 2023
-
Revenues grew 15% to $2.74 billion
-
The company handled 13.067 million TEUs in 2024, up 2% from 12.749 million TEUs in 2023
-
Estimated capital expenditures for 2025 is approximately $580 million
International Container Terminal Services, Inc. (ICTSI) reported an all-time high net income attributable to equity holders of $849.8 million in 2024, a 66% surge from $511.53 million earned in 2023.
ICTSI chairman and president Enrique K. Razon, Jr. in a statement said the group “has delivered another set of excellent results” in 2024. Revenues grew 15% to $2.74 billion from $2.39 billion while earnings before interest, taxes, depreciation and amortization was 18% higher at $1.78 billion.
Cash flow and balance sheet also remained 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,” Razon said.
The increase in net income attributable to equity holders last year included nonrecurring income from settlement of legal claims at ICTSI Oregon in the first quarter of 2024 and the impact of the deconsolidation of PT PBM Olah Jasa Andal (OJA) in Jakarta, Indonesia.
Volume growth with a favorable container mix, tariff adjustments, higher revenues from ancillary services, and growth in general cargo activities in certain terminals drove revenues higher in 2024.
“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,” Razon said.
In 2024, ICTSI handled consolidated volume of 13.067 million 20-foot equivalent units (TEUs), 2% higher than the 12.749 million TEUs recorded in 2023.
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), its new terminal in Iloilo.
READ: PPA hands over Iloilo Commercial Port to Visayas Container Terminal
Lower volume at Contecon Guayaquil S.A. in Ecuador; the impact of expiration of the concession contract at Pakistan International Container Terminal; and the deconsolidation of OJA partially offset growtrh.
Consolidated cash operating expenses in 2024 were 10% higher at $727.25 million, mainly as a result of higher volumes, including increases related to the growth in revenue generating ancillary services and general cargo activities in certain terminals, and government-mandated and contracted salary rate adjustments.
ICTSI’s capital expenditures amounted to $517.14 million in 2024. These were mainly utilized for the completion of phase 3A expansion in Contecon Manzanillo S.A. (CMSA) in Mexico; the berth extension in ICTSI Rio, Brazil; new equipment and development in VCT and the new container terminal in East Java Multipurpose Terminal in Indonesia.
Included in the 2024 capital expenditures as well were ongoing expansions at Manila International Container Terminal (MICT) in the Philippines and ICTSI DR Congo S.A. (IDRC) in the Democratic Republic of Congo; together with the payment of the last tranche of concession extension related expenditures in Madagascar, equipment acquisitions and upgrades, and asset maintenance requirements.
In addition, the group accelerated the phase 3B expansion in CMSA, and went ahead with the initial capital expenditures on the new project in Batangas, Philippines to be named Luzon International Container Terminal (LICT).
READ: ICTSI to build $800M international container terminal in Bauan, Batangas
The group’s estimated capital expenditures for 2025 is approximately $580 million. It will be utilized mainly for the continued development of LICT, phase 3B expansion in CMSA, expansion of MICT and IDRC; new expansion projects at ICTSI Rio and Mindanao Container Terminal; various other equipment acquisitions and upgrades; and maintenance capex.
