INTERNATIONAL Container Terminal Services, Inc., parent of Melbourne’s Victoria International Container Terminal at Webb Dock, has reported “another excellent set of results” for the first three quarters of 2024.

The Philippines-based company recorded unaudited consolidated financial results for the first nine months of 2024 posting revenue from port operations of US$2.01 billion, an increase of 14% from the USD 1.76 billion reported for the same period in 2023.

EBITDA of US$1.32 billion was 19% higher than the USD 1.11 billion generated in the same period last year; and net income attributable to equity holders of USD 632.58 million, 31% more than the USD 484.54 million earned in the first three quarters of 2023. This was primarily due to higher operating income, partially tapered by increase in interest on loans and lease liabilities related to concession renewal, and higher depreciation and amortization, ICTSI said.  Diluted earnings per share increased 33% to USD 0.303 in the first three quarters of 2024 from USD 0.227 in the same period in 2023.

EBITDA and net income attributable to shareholders were both new records for ICTSI.

ICTSI handled consolidated volume of 9,604,127 TEU in the nine months ended 30 September 2024, 2% higher than the 9,451,912 TEU handled in the same period in 2023.  

Enrique K. Razon Jr., ICTSI chairman and president said: “Our strategy is centred on our international portfolio, and its diversity has enabled us to capitalize on growth opportunities globally.  Our cash flow and balance sheet remain strong with free cash flow up by 18% to USD 849 million demonstrating we are financially robust and able to invest in our new and existing projects to retain our position as the world’s largest independent port operator.  

“We are confident in our outlook and well-positioned to deliver future growth,” Mr Razon said.

For the quarter ended 30 September 2024, revenue from port operations increased 16% from USD 594.88 million to USD 691.70 million; EBITDA was 19% higher at USD 451.51 million; and net income attributable to equity holders was at USD 212.03 million, 24% more year-on-year.