ICTSI Q1 net income climbs 14.1% on robust port activity

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Aerial photo of ICTSI’s flagship Manila International Container Terminal at the Port of Manila — ICTSI.COM

RAZON-LED port operator International Container Terminal Services, Inc. (ICTSI) reported a 14.1% year-on-year increase in its first-quarter (Q1) net income attributable to equity holders to $239.54 million, supported by higher port revenues and growth in consolidated volume.

“We look to the future with confidence, and with our highly disciplined business model and diversified operations, ICTSI remains resilient and in a strong position to continue to deliver financially and operationally for our stakeholders,” ICTSI Chairman and President Enrique K. Razon, Jr. said in a statement on Monday.

For the three months to March, ICTSI’s attributable net income rose to $239.54 million from $209.88 million in the same period last year.

However, the company’s growth was partially offset by the deconsolidation of PT PBM Olah Jasa Andal (OJA) in Jakarta, Indonesia.

ICTSI said that excluding the impact of discontinued operations in Indonesia, net income attributable to equity holders would have increased by 25%.

Consolidated revenues for the quarter reached $745.42 million, up 16.9% from $637.64 million a year earlier.

Broken down by region, revenues from Asia — which accounted for 42.9% of ICTSI’s total revenue for the quarter — increased by 23.34% to $319.9 million from $259.37 million.

Revenues from operations in Europe, the Middle East, and Africa (EMEA) stood at $143.36 million, up 23.6% from $116.01 million, while revenues from the Americas rose by 7.6% to $282.16 million from $262.27 million in the first quarter of 2024.

ICTSI handled a total of 3.47 million twenty-foot equivalent units (TEUs) during the period, up 12.3% from 3.09 million TEUs last year.

“Our international portfolio performed very well, with consolidated volume up 12%, benefiting from our geographic diversification across 19 countries, which has enabled us to generate continued growth,” Mr. Razon said.

Asia operations handled 1.79 million TEUs, a 6.5% increase from 1.68 million TEUs a year earlier. The EMEA region handled 700,224 TEUs, up 26.3% from 554,435 TEUs, while volume from the Americas rose by 14.4% to 980,958 TEUs from 857,663 TEUs.

The volume growth was attributed to new services, improved trade activity at several terminals, and volume recovery at Contecon Guayaquil S.A. (CGSA) in Ecuador.

ICTSI said it does not expect significant operational impact from new US tariffs, citing its diversified global portfolio of 33 terminals across 20 countries.

Capital expenditure for the first quarter amounted to $133.22 million, primarily allocated to expansion at Contecon Manzanillo S.A. (CMSA) in Mexico, ICTSI DR Congo S.A. (IDRC), Philippine terminals, and the acquisition and upgrading of equipment at select terminals.

For 2025, ICTSI has allocated approximately $580 million in capital expenditures, mainly for the development of the Southern Luzon Gateway in the Philippines and expansion projects at ICTSI Rio in Brazil and Mindanao Container Terminal (MCT).

At the stock exchange on Monday, ICTSI shares declined by P5, or 1.4%, to close at P353.40 apiece. — Ashley Erika O. Jose