International Container Terminal Services Inc. (ICTSI) reported a 14 percent year-on-year rise in net income to USD239.54 million in the first quarter of 2025, propelled by strong performance across its global port operations, the company announced Monday.
The Razon-led port operator credited its international footprint and higher trade volumes for the solid quarterly performance. Stripping out one-off items—including a legal settlement in Oregon and the deconsolidation of its Jakarta operations—net income attributable to equity holders grew by 25 percent, highlighting core business strength.
“Our international portfolio performed very well with consolidated volume up 12 percent, benefiting from our geographic diversification across 19 countries,” said ICTSI chairman and president Enrique K. Razon Jr. “Our balance sheet is robust and cash generation has been strong, reinforcing our ability to invest and capitalize on growth opportunities.”
Revenue from port operations rose 17 percent to USD745.42 million, driven by increased container volume and new services. The company handled 3.47 million twenty-foot equivalent units (TEUs) during the quarter, up from 3.09 million TEUs a year earlier. Excluding discontinued operations in Indonesia and new terminals in the Philippines, volume still grew 12 percent.
Operational gains were supported by volume recovery at key terminals such as Contecon Guayaquil in Ecuador and contributions from the Visayas Container Terminal in Iloilo, Philippines. Cash operating expenses rose 9 percent year-on-year to USD187.66 million, largely in line with volume growth.
Capital expenditures reached USD133.22 million for the quarter, with spending focused on terminal expansions in Mexico, the Philippines, and the Democratic Republic of Congo. ICTSI has earmarked approximately USD580 million in capex for full-year 2025, targeting infrastructure upgrades across multiple strategic locations.
While Razon noted ongoing concerns around global trade and macroeconomic headwinds, he emphasized ICTSI’s resilience. “With our highly disciplined business model and diversified operations, ICTSI remains in a strong position to continue to deliver financially and operationally for our stakeholders,” he said.
