International Container Terminal Services (ICTSI) has published its audited consolidated financial results for 2025.
The company posted revenue from port operations of US$3.23 billion, an increase of 18 per cent from US$2.74 billion reported for the same period in 2024. Gross operating profit reached US$2.14 billion, 21 per cent higher than US$1.78 billion generated in the same period last year.
Net income attributable to equity holders totalled US$1.05 billion, 23 per cent more than US$849.8 million earned in the same period last year. ICTSI said this was primarily due to higher operating income.
The growth rate was partially tapered by the one-off income from the settlement of legal claims at ICTSI Oregon in 2024.
Excluding the impact of nonrecurring income and charges; new operations in Iloilo, Philippines and the discontinued operations in Jakarta, Indonesia in 2024; and new operations in Batam, Indonesia in 2025, net income attributable to equity holders would have grown 26 per cent.
Diluted earnings per share increased 25 per cent to US$0.510 from US$0.407 in 2024.
ICTSI handled consolidated volume of 14,501,189 TEUs in 2025, 11 per cent higher than the 13,066,949 TEUs handled in 2024. The volume growth was due to improvement in trade activities across all regions, particularly the recovery in Guayaquil, Ecuador.
Excluding the impact of new and discontinued operations, the group's consolidated volume would still have been up 10 per cent.
Gross revenues from port operations in 2025 grew 18 per cent to US$3.23 billion from US$2.74 billion reported in 2024 mainly due to volume growth with a more favourable container mix, tariff adjustments, and higher revenues from ancillary services at certain terminals marginally reduced by the unfavourable foreign exchange translation impact mainly from the depreciation of Mexican peso-, Brazilian real- and Australian dollar-based revenues.
Excluding the impact of new and discontinued operations, the group's consolidated gross revenues would still have increased 18 per cent.
Consolidated cash operating expenses in 2025 were 11 per cent higher at US$807.08 million compared to US$727.25 million in 2024. The increase in cash operating expenses was mainly due to higher volume, including increases related to the growth in revenue generating ancillary services at certain terminals, as well as increases in government-mandated and contracted salary rate adjustments and benefits.
This was reduced by continuous cost optimisation measures and favorable foreign exchange effects mainly of Brazilian real-, Mexican peso-, and Australian dollar-based expenses. Excluding the impact of new and discontinued operations, consolidated cash operating expenses would have increased 10 per cent.
Consolidated gross operating profit in 2025 increased 21 per cent to US$2.14 billion from US$1.78 billion in 2024. Consequently, gross operating profit margin improved to 66 per cent from 65 per cent.
