International Container Terminal Services, Inc. (ICTSI), the Razon-led global port operator, reported a robust 66 percent increase in net income for 2024, reaching USD849.80 million, compared to USD511.53 million in 2023. The growth was primarily driven by strong operational performance, including volume growth and a favorable container mix, as well as significant non-recurring income from legal settlements and deconsolidation of operations in Jakarta, Indonesia. Excluding these one-off items, net income grew by 23 percent to USD830.94 million.
In 2024, ICTSI’s consolidated volume increased by 2 percent, handling 13.07 million twenty-foot equivalent units (TEUs), bolstered by new services and terminal improvements, particularly at the Visayas Container Terminal in the Philippines. However, volumes were impacted by the expiration of a concession contract in Karachi, Pakistan, and the deconsolidation of operations in Jakarta.
Gross revenue from port operations grew 15 percent, reaching USD2.74 billion, while cash operating expenses rose 10 percent to USD727.25 million.
The company also outlined a capital expenditure plan for 2025, estimating USD580 million, which will be allocated to expansion projects across various terminals, including the Philippines, Mexico, and Brazil.
Enrique K. Razon Jr., chairman and president of ICTSI, praised the company’s strong performance despite a complex global environment, thanking the team for their dedication in delivering another outstanding year.
