International Container Terminal Services, Inc. (ICTSI) has released unaudited consolidated financial results for the first nine months of 2024, including revenue from port operations of $2.01 billion.
The figure represents a 14 per cent increase from the $1.76 billion reported for the same period in 2023.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $1.32 billion, 19 per cent higher than the $1.11 billion generated in the same period last year; and net income attributable to equity holders of $632.58 million, 31 per cent more than the $484.54 million earned in the first three quarters of 2023.
Diluted earnings per share climbed by 33 per cent to $0.303 in the first three quarters of 2024, from $0.227 in the same period in 2023.
For the quarter ended 30 September 2024, revenue from port operations increased 16 per cent from $594.88 million to $691.70 million; EBITDA increased 19 per cent to $451.51 million from $377.85 million.
Net income attributable to equity holders was $212.03 million, 24 per cent higher than $170.74 million in the same period in 2023.
Diluted profits per share in the third quarters of 2023 and 2024 were $0.080 and $0.102, respectively.
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ICTSI handled a consolidated volume of 9.6 million TEUs in the nine months ended 30 September 2024, 2 per cent higher than the 9.45 million TEUs handled in the same period in 2023.
The 2 per cent consolidated volume growth was mainly due to the impact of new services and improvement in trade activities at certain terminals, reported ICTSI, and the contribution of Visayas Container Terminal (VCT) in Iloilo, Philippines.
This was slightly offset by the decrease in volume at Contecon Guayaquil S.A. (CGSA) in Guayaquil Ecuador, the impact of the expiration of the concession contract at PICT in Karachi, Pakistan, and the deconsolidation of OJA in Jakarta, Indonesia.
According to the terminal operator, 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 per cent.
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For the quarter ended 30 September 2024, total consolidated throughput was 4 per cent higher at 3.29 million TEUs compared to 3.17 million TEUs in 2023.
EBITDA rose by 19 per cent to $1.32 billion while net income attributable to equity holders was up 31 per cent to $632.58 million, both new records for ICTSI.”
In September, ICTSI announced the construction of its new terminal in Bauan, Batangas, in the Philippines.
