ICTSI net income up 15% in first half of 2025

International Container Terminal Services Inc. (ICTSI) reported a 15% increase in net income to US$483.84 million for the first half of 2025, fueled by strong global trade activity, disciplined cost management, and continued expansion across key international markets.

The company also posted a 14% rise in gross revenues from port operations, reaching US$1.51 billion, while EBITDA climbed 15% to US$990.54 million with margins improving to 66%.

“We have continued our strong momentum, with ICTSI’s exceptional performance in the first half of 2025, underscoring the strength and agility of our diversified global operations,” said Enrique K. Razon Jr., ICTSI Chairman and President.

Razon highlighted operational growth as consolidated volume rose 11% to 6.99 million twenty-foot equivalent units (TEUs), compared to 6.31 million TEUs handled in the same period last year.

“This achievement reflects our continued focus on operational excellence, strong balance sheet, strategic expansion, and disciplined cost management,” Razon said.

Diluted earnings per share increased 17% to US$0.235, up from US$0.200 in the first half of 2024, indicating stronger value creation for shareholders.

Recurring net income, which excludes non-operational impacts like the 2024 legal settlement at ICTSI Oregon and the deconsolidation of PT PBM Olah Jasa Andal (OJA) in Indonesia, rose 20% year-on-year.

For the second quarter of 2025 alone, revenue grew 12% to US$764.63 million, EBITDA rose 11% to US$500.94 million, and net income jumped 16% to US$244.31 million.

The second-quarter earnings per share also improved to US$0.119, compared to US$0.101 a year earlier.

Volume growth was largely attributed to improved trade activity across all serviced regions, with TEU throughput rising by 9% in the second quarter alone to 3.52 million.

Excluding new operations in the Philippines and discontinued sites in Indonesia, consolidated volume and revenue still posted 11% and 14% growth, respectively.

The boost in gross revenues was driven by tariff adjustments, a favorable container mix, and higher income from ancillary services such as general cargo handling.

These gains were partially offset by unfavorable foreign exchange translation, especially from the depreciation of the Mexican peso and Brazilian real.

Consolidated operating expenses rose 9% to US$381.73 million, largely due to higher volumes, expanded services, and mandated wage increases.

However, the rise in expenses was mitigated by cost control strategies and positive foreign exchange effects from Brazilian, Mexican, and Australian currencies.

Financing charges and other expenses fell by 7% to US$87.81 million, owing to the deconsolidation of OJA and lower interest costs.

Capital expenditures reached US$231.98 million in the first half, with major investments funneled into terminal upgrades in Mexico, the Philippines, and the Democratic Republic of Congo.

ICTSI estimates full-year capital outlays to hit US$580 million, covering further development of its Batangas project, the phase 3B expansion of Contecon Manzanillo in Mexico, upgrades at Manila International Container Terminal (MICT), and new expansion efforts in Brazil and Mindanao.

“As we invest in key terminals across the Americas, Asia, and Africa, we remain committed to driving sustainable growth and innovation throughout our global portfolio,” Razon added.

ICTSI, a Philippine-based global port operator, manages terminals across six continents and continues to seek new growth opportunities in container logistics and maritime infrastructure.