International Container Terminal International Container Terminal Services, Inc. (ICTSI) reported audited consolidated financial results for 2024, with revenue from port operations reaching US$2.74 billion, a 15% increase from US$2.39 billion in 2023, according to the company's release.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) rose 18% to US$1.78 billion from US$1.51 billion in the prior year. Net income attributable to equity holders increased 66% to US$849.80 million from US$511.53 million in 2023, driven primarily by higher operating income and interest earned from an elevated cash balance, though partially offset by increased interest on loans, lease liabilities related to concession renewals, and higher depreciation and amortization. Diluted earnings per share grew 72% to US$0.407 from US$0.237 in 2023. Excluding nonrecurring items, recurring net income rose 23% to US$830.94 million.
Enrique K. Razon Jr., ICTSI Chairman and President, stated: “The Group has delivered another set of excellent results, another year of record EBITDA at US$1.78 billion and our highest net income in history of US$849.8 million. Pleasingly, revenues increased by 15 percent US$2.74 billion and our cash flow and balance sheet remain strong with free cash flow up by 12% to US$1.08 billion, giving us the financial strength and flexibility to pursue new opportunities and invest in existing projects.”
ICTSI handled a consolidated volume of 13,066,949 twenty-foot equivalent units (TEUs) in 2024, up 2% from 12,749,214 TEUs in 2023, attributed to new services, improved trade activities at certain terminals, and contributions from Visayas Container Terminal (VCT) in Iloilo, Philippines, though tempered by declines at Contecon Guayaquil S.A. (CGSA) in Ecuador and the expiration of the concession at Pakistan International Container Terminal (PICT) in Karachi, Pakistan, alongside the deconsolidation of PT PBM Olah Jasa Andal (OJA) in Jakarta, Indonesia. Excluding new and discontinued operations, volume growth was 5%.
Gross revenues from port operations grew 15% to US$2.74 billion from US$2.39 billion in 2023, driven by volume increases, favorable container mix, tariff adjustments, and higher ancillary services and general cargo activities, though reduced by lower volumes at CGSA, the PICT concession expiration, OJA deconsolidation, and unfavorable foreign exchange impacts from Brazilian Real (BRL), Nigerian Naira (NGN), Mexican Peso (MXN), and Philippine Peso (PHP).
Consolidated cash operating expenses rose 10% to US$727.25 million from US$662.70 million in 2023, due to higher volumes, growth in ancillary services and general cargo, and government-mandated salary adjustments, offset by cost optimization, the PICT concession expiration, and favorable BRL, NGN, and PHP exchange effects. EBITDA margin increased to 65% from 63%.
Financing charges and other expenses dropped 44% to US$186.05 million from US$329.89 million, largely due to the absence of 2023’s nonrecurring goodwill impairment at PICT, offset by higher interest on new loans.
Capital expenditures, excluding capitalized borrowing costs, totaled US$517.14 million in 2024, allocated to expansions at Contecon Manzanillo S.A. (CMSA) in Mexico, ICTSI Rio in Brazil, VCT in the Philippines, and East Java Multipurpose Terminal (EJMT) in Indonesia, alongside ongoing projects at Manila International Container Terminal (MICT) and ICTSI DR Congo S.A. (IDRC) in the DRC, concession payments in Madagascar, equipment upgrades, and maintenance. Additional spending included phase 3B at CMSA and a new project in Batangas, Philippines; without these, capex was US$441.70 million, 98% of the US$450 million budget.
Estimated 2025 capex is US$580 million, targeting Batangas, CMSA phase 3B, MICT, IDRC, ICTSI Rio, Mindanao Container Terminal, equipment, and maintenance.
International Container Terminal Services, Inc., headquartered in Manila, Philippines, is a global port management company operating 32 terminals across 19 countries.
A subsidiary of ICTSI, Contecon Manzanillo S.A. operates the Specialized Container Terminal at the Port of Manzanillo, Mexico, handling significant container traffic on the Pacific coast.
A Brazilian subsidiary of ICTSI, ICTSI Rio Brasil operates the container terminal at the Port of Rio de Janeiro.