ICTSI’s earnings up 14% in Q1

Geographic diversification propelled growth.

The Philippines' International Container Terminal Services, Inc. (ICTSI) has reported a net income attributable to equity holders of $239.54m in the first quarter (Q1) of 2025, up 14% from the previous year.

According to Chairman and President Enrique Razon Jr., ICTSI’s international portfolio reported a consolidated volume up 12 percent, thanks to the company’s geographic diversification across 19 countries, which helped generate continued growth.

Excluding the income from the settlement of legal claims at ICTSI Oregon and the impact of the deconsolidation of PT PBM Olah Jasa Andal (OJA), Jakarta, Indonesia, net income attributable to equity holders would have grown 25%.

During the period, ICTSI said it handled consolidated volume of 3,471,913 twenty-foot equivalent units (TEUs), up 12% from the same period last year. This was thanks to the impact of new services and improvement in trade activities at certain terminals, volume recovery at Contecon Guayaquil S.A. (CGSA), and the contribution of the new Visayas Container Terminal.

Gross revenues from port operations grew 17 percent to $745.42m. This was attributed to volume growth with a favourable container mix, tariff adjustments, higher revenues from ancillary services, volume recovery at CGSA, and growth in general cargo activities in certain terminals. 

“Looking ahead, we are mindful of the uncertainty over global trading arrangements and potential macroeconomic headwinds but for ICTSI, the direct impact of announced tariffs is small owing to limited exposure to US trade,” Razon said.

“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,” he added.