International Container Terminal Services, Inc. (ICTSI) reported unaudited consolidated financial results for the first quarter of 2025, posting a 14% year-on-year increase in net income attributable to equity holders to US$239.54 million, compared to US$209.88 million in Q1 2024.
Excluding one-off items from a legal settlement and a deconsolidation in Indonesia, recurring net income rose 25%.
Revenues from port operations rose 17% to US$745.42 million from US$637.65 million in the same period last year. EBITDA increased by 18% to US$489.59 million, up from US$413.76 million, with EBITDA margin rising to 66% from 65%. Diluted earnings per share increased 17% to US$0.116.
Consolidated throughput grew 12% to 3.47 million TEUs, driven by new services, volume recovery at Contecon Guayaquil S.A. in Ecuador, and the contribution of the new Visayas Container Terminal in Iloilo, Philippines. Excluding new and discontinued operations, consolidated volume growth remained at 12%.
Operating expenses rose 9% to US$187.66 million due to increased activity levels, ancillary services, and mandated wage adjustments, partially offset by ongoing cost optimizations and favorable currency effects. Consolidated financing charges and other expenses fell 5% to US$44.02 million, primarily due to the deconsolidation of PT PBM Olah Jasa Andal in Jakarta, Indonesia, partly offset by higher interest on new loans.
Capital expenditures totaled US$133.22 million for the quarter, directed toward expansion projects in Mexico, the Philippines, and the Democratic Republic of Congo. ICTSI has earmarked approximately US$580 million in capital expenditures for full-year 2025.
Chairman and President Enrique K. Razon Jr. stated: “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. 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.”
Founded in 1987 and headquartered in Manila, Philippines, ICTSI is a global port management company engaged in the development, management, and operation of container terminals. ICTSI operates in over 20 countries across six continents, handling terminals with capacities ranging from 50,000 to 3.5 million TEUs annually.