Recurring Net Income 23% higher at US$830.94 million
Throughput increased 2% to 13.07 million TEUs
Revenues grew 15% to US$2.74 billion
EBITDA up 18% to US$1.78 billion
Diluted EPS rose 72% to US$0.407
Enrique K. Razon Jr., ICTSI Chairman and President said: “The Group has delivered another set of excellent results, another year of record EBITDA at US$1.78 billion and our highest net income in history of US$849.8 million. Pleasingly, revenues increased by 15 percent US$2.74 billion and our cash flow and balance sheet remain strong with free cash flow up by 12% to US$1.08 billion, giving us the financial strength and flexibility to pursue new opportunities and invest in existing projects.”
“While we continue to be mindful of the complex geopolitical backdrop, these results demonstrate the strength and resilience of our globally diversified origin and destination portfolio. I would like to thank our ICTSI colleagues all over the world for their unwavering focus, hard work and dedication in delivering another outstanding year.”
International Container Terminal Services, Inc. (ICTSI) today reported audited consolidated financial results for 2024 posting revenue from port operations of US$2.74 billion, an increase of 15 percent from the US$2.39 billion reported for the same period in 2023; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$1.78 billion, 18 percent higher than the US$1.51 billion generated in the same period last year; and net income attributable to equity holders of US$849.80 million, 66 percent more than the US$511.53 million earned in 2023 primarily due to higher operating income and interest earned from the extra-ordinary high cash balance, partially tapered by increase in interest on loans and lease liabilities related to concession renewal, and higher depreciation and amortization. Diluted earnings per share increased 72 percent to US$0.407 in 2024 from US$0.237 in 2023.
The increases in net income attributable to equity holders for 2024 compared to 2023 included nonrecurring income from settlement of legal claims at ICTSI Oregon in Q1 2024 and the impact of the deconsolidation of PT PBM Olah Jasa Andal (OJA), Jakarta, Indonesia. The nonrecurring expenses in 2023 included the charge on goodwill attributed to Pakistan International Container Terminal (PICT), Karachi, Pakistan and other noncurrent assets. Excluding the impact of nonrecurring income and charges in 2023 and 2024, net income attributable to equity holders would have grown 23 percent to US$830.94 million.
ICTSI handled consolidated volume of 13,066,949 twenty-foot equivalent units (TEUs) in 2024, two percent higher than the 12,749,214 TEUs handled in 2023. The growth was mainly due to the impact of new services and improvement in trade activities at certain terminals, and the contribution of Visayas Container Terminal (VCT), the new terminal in Iloilo, Philippines; partially offset by the decrease in volume at Contecon Guayaquil S.A. (CGSA), Guayaquil, Ecuador, the impact of expiration of the concession contract at PICT, Karachi, Pakistan, and the deconsolidation of OJA, Jakarta, Indonesia. Excluding the impact of new operations in the Philippines and discontinued operations in Pakistan and Indonesia, the Group’s consolidated volume would have increased by five percent.
Gross revenues from port operations in 2024 grew 15 percent to US$2.74 billion from US$2.39 billion reported in 2023 mainly due to volume growth with a favorable container mix, tariff adjustments, higher revenues from ancillary services, and growth in general cargo activities in certain terminals. This was partially reduced by volume-driven decreases in revenue at CGSA, Guayaquil, Ecuador; the impact of expiration of the concession contract at PICT, Karachi, Pakistan, the deconsolidation of OJA, Jakarta, Indonesia; and an unfavorable foreign exchange translation impact mainly from the depreciation of Brazilian Real (BRL)-, Nigerian Naira (NGN)-, Mexican Peso (MXN)-,and Philippine Peso (PHP)- based revenues.
Consolidated cash operating expenses in 2024 were 10 percent higher at US$727.25 million compared to US$662.70 million in 2023. The increase in cash operating expenses was mainly due to higher volumes, including increases related to the growth in revenue generating ancillary services and general cargo activities in certain terminals, and government-mandated and contracted salary rate adjustments (including benefits). This was tapered by continuous cost optimization measures, the impact of the expiration of the concession contract at PICT, and favorable foreign exchange effects mainly of BRL-, NGN-, and PHP- based expenses.
Consolidated EBITDA in 2024 increased 18 percent to US$1.78 billion from US$1.51 billion in 2023. Consequently, the EBITDA margin expanded by two percentage points to 65 percent from 63 percent.
Consolidated financing charges and other expe
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