The International Container Terminal Services, Inc. (ICTSI) on Tuesday announced a robust 31 percent increase in net income for the first nine months of 2024, reaching $632.58 million, up from $484.54 million during the same period last year.
The growth was attributed to higher operating income, according to the company. Net income attributable to equity holders was bolstered by nonrecurring income from legal settlements at ICTSI Oregon and the deconsolidation of PT PBM Olah Jasa Andal in Indonesia.
In contrast, the previous year’s figures were affected by an impairment of goodwill related to Pakistan International Container Terminal.
Excluding nonrecurring factors, net income still demonstrated a solid 24 percent growth to $613.72 million. For the third quarter alone, ICTSI reported a 24 percent increase in net income to USD212.03 million, compared to USD170.74 million in the same quarter of 2023.
Chairman and president Enrique K. Razon Jr. emphasized the company’s international strategy and strong financial position, with free cash flow rising 18 percent to USD849 million. He expressed confidence in ICTSI’s outlook for future growth. Gross revenues from port operations also saw a 14percent increase, totaling $2.01 billion, driven by volume growth and favorable tariff adjustments.
ICTSI handled 9,604,127 twenty-foot equivalent units (TEUs) during the nine months, a 2 percent increase from the previous year, aided by new services and improved trade activity at specific terminals.
Capital expenditures for the period reached $298.63 million, predominantly allocated to ongoing expansions in Mexico, Brazil, the Philippines, and Indonesia, as ICTSI continues to enhance its global operations.
