Philippine-listed International Container Terminal Services Inc. (ICTSI) reported a 14% year-on-year increase in first-quarter net income to US$239.54 million, supported by strong volume growth and higher revenues across its global operations.
Revenues from port operations rose 17% to US$745.42 million in the three months ended March 31, 2025, up from US$637.65 million a year earlier, driven by favorable container mix, tariff adjustments, increased ancillary services, and volume recovery at key terminals including Contecon Guayaquil in Ecuador.
Consolidated throughput reached 3.47 million twenty-foot equivalent units (TEUs), 12% higher than the 3.09 million TEUs handled in the same period last year.
Growth was fueled by new services and improved trade activity, along with the contribution of the newly launched Visayas Container Terminal in the Philippines.
Recurring net income rose 25% when excluding one-off items from 2024, including a legal settlement and the deconsolidation of ICTSI’s former Jakarta operation.
EBITDA increased 18% to US$489.59 million, with margins improving to 66% from 65%.
Diluted earnings per share grew 17% to US$0.116 from US$0.099 a year earlier.
Cash operating expenses increased 9% to US$187.66 million due to higher volume and government-mandated salary adjustments, though partially offset by cost optimization measures and favorable foreign exchange effects.
Capital expenditure reached US$133.22 million, allocated to expansion projects in Mexico, the Philippines, Brazil, and the Democratic Republic of Congo.
ICTSI, which operates terminals in 19 countries, said it remains resilient amid macroeconomic headwinds, citing minimal direct exposure to US trade tariffs.