MANILA-based International Container Terminal Services, Inc. has posted a 15% increase in revenue from port operations in 2024 to US$2.74 billion, well up from 2023’s US$2.39 billion. But this achievement was eclipsed by profit growth
ICTSI, operators of 32 terminals in 19 countries and owner of Melbourne’s Victoria International Container Terminal yesterday [6 March] reported an EBITDA of US$1.78 billion, 18% higher than the US$1.51 billion generated in the same period last year; and net income attributable to equity holders of US$849.80 million, 66% more than the US$511.53 million earned in 2023.
This was primarily due to higher operating income and interest earned from the extra-ordinary high cash balance, 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 72% to US$0.407 in 2024 from US$0.237 in 2023.
Chairman and president Enrique K. Razon Jr said the Group has delivered another set of excellent results, including another year of record EBITDA and the highest net income in history of US$849.8 million.
“Pleasingly, 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.”
“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.”
ICTSI handled consolidated volume of 13,066,949 TEU in 2024, 2% higher than the 12,749,214 TEU handled 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), the new terminal in Iloilo, Philippines; partially offset by the decrease in volume at Contecon Guayaquil S.A. (CGSA), Guayaquil, Ecuador, the impact of expiration of the concession contract at PICT, Karachi, Pakistan, and the deconsolidation of OJA, Jakarta, Indonesia.
Excluding the impact of new operations in the Philippines and discontinued operations in Pakistan and Indonesia, the Group’s consolidated volume would have increased by 5%, the company said.
Capital expenditures, excluding capitalized borrowing costs, amounted to US$517.14 million in 2024. The Group’s estimated capital expenditures for 2025 is approximately US$580 million. The estimated capital expenditure will be utilized mainly for the continued development of the new project in Batangas, Philippines, phase 3B expansion in CMSA, Manzanillo, Mexico, expansion of MICT, Manila, Philippines, and IDRC, Matadi, DRC; new expansion projects at ICTSI Rio, Brazil and Mindanao Container Terminal, Cagayan de Oro, Philippines; various other equipment acquisitions and upgrades; and maintenance capex.
