International Container Terminal Services, Inc. (ICTSI) has reported a net income attributable to equity holders of $849.80 million, which is 66 per cent more than the $511.53 million gained in 2023.
ICTSI handled consolidated volume of 13.06 million TEUs in 2024, 2 per cent greater than the 12.7 million TEUs handled in 2023.
The company attributes its growth 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.
READ: ICTSI reports $420 million net income in H1 2024
Aside from the impact of new operations in the Philippines and terminated activities in Pakistan and Indonesia, the Group’s consolidated volume would have climbed by 5 per cent.
Gross revenues from port operations increased 15 per cent in 2024 to $2.74 billion from $2.39 billion in 2023, owing mostly to volume growth with a favourable container mix, tariff modifications, greater income from ancillary services, and growth in general cargo activity in select ports.
This was partially offset by volume-driven revenue declines at CGSA, Guayaquil, Ecuador; the impact of the concession contract expiration at PICT, Karachi, Pakistan; the deconsolidation of OJA, Jakarta, Indonesia; and an unfavourable foreign exchange translation impact, primarily due to the depreciation of Brazilian Real (BRL), Nigerian Naira (NGN), Mexican Peso (MXN), and Philippine Peso (PHP)-based revenues.
READ: ICTSI reports $2 billion revenue from port operations
Enrique K. Razon Jr., ICTSI Chairman and President, said: “The Group has delivered another set of excellent results, another year of record EBITDA at $1.78 billion and our highest net income in history of $849.8 million.
“Pleasingly, revenues increased by 15 per cent $2.74 billion and our cash flow and balance sheet remain strong with free cash flow up by 12 per cent to $1.08 billion, giving us the financial strength and flexibility to pursue new opportunities and invest in existing projects.”
