ICTSI credits volume growth, geographical diversification for 14 per cent jump in Q1 net income
International Container Terminal Services (ICTSI) recently reported unaudited consolidated financial results for the quarter ended March 31, 2025.
ICTSI posted revenue from port operations of US$745.42 million, an increase of 17 per cent from the US$637.65 million reported for the same period in 2024.
The company also achieved gross operating profit of US$489.59 million, 18 per cent higher than the US$413.76 million generated in the same period last year and net income attributable to equity holders of US$239.54 million, 14 per cent more than the US$209.88 million earned in the same period last year.
ICTSI said the higher net income was primarily due to higher operating income, partially tapered by higher depreciation and amortisation charges. Excluding the income from the settlement of legal claims at ICTSI Oregon and the impact of the deconsolidation of PBM Olah Jasa Andal, Jakarta, Indonesia in Q1 2024, net income attributable to equity holders would have grown 25 per cent.
Diluted earnings per share increased 17 percent to US$0.116 from US$0.099 in the first quarter of 2024.
Gross revenues from port operations for the quarter ended March 31, 2025 grew 17 per cent to US$745.42 million from US$637.65 million reported in the same period in 2024 mainly due to volume growth with a favorable container mix, tariff adjustments, higher revenues from ancillary services, volume recovery at CGSA, and growth in general cargo activities in certain terminals.
This was partially reduced by unfavorable foreign exchange translation impact mainly from the depreciation of Mexican Peso-, Brazilian Real-, Philippine Peso-, and Australian Dollar-based revenues. Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, the group's consolidated gross revenues would have increased by 16 percent.
"Our international portfolio performed very well with consolidated volume up 12 per cent, benefiting from our geographic diversification across 19 countries, which has enabled us to generate continued growth," Enrique K. Razon Jr., ICTSI Chairman and President said.
"Our balance sheet is robust and cash generation has been strong, reinforcing our ability to invest and capitalise on growth opportunities. 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."
