ICTSI reports over $480m net income in H1 2025; port revenues hit $1.51b
International Container Terminal Services (ICTSI) has reported that its net income grew 15 per cent to US$483.84 million in the first half of 2025, while recurring net income in the same period increased 20 per cent.
The company's throughput increased 11 per cent to 6.99 million TEUs. Revenues grew 14 per cent to US$1.51 billion while gross operating profit improved by 15 per cent to US$990.54 million.
"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.
"With revenue from port operations reaching US$1.51 billion and [gross operating profit] climbing to US$990.54 million, we delivered a record net income of US$483.84 million over the period – up 15 percent year-on-year."
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 H1 2024, net income attributable to equity holders would have grown 20 per cent. Diluted earnings per share increased 17 per cent to US$0.235 from US$0.200 in the first half of 2025.
For the quarter ended June 30, 2025, revenue from port operations increased 12 per cent from US$684.02 million to US$764.63 million; gross operating profit was 11 per cent higher at US$500.94 million from US$451.23 million; and net income attributable to equity holders was at US$244.31 million, 16 per cent more than the US$210.67 million in the same period in 2024.
Diluted earnings per share for the second quarter of 2024 and 2025 was at US$0.101 and US$0.119, respectively.
ICTSI said the volume growth in handled consolidated volume was mainly due to improvement in trade activities across all regions. Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, the group's consolidated volume would still have been up 11 per cent, according to ICTSI.
For the quarter ended June 30, 2025, total consolidated throughput was nine per cent higher at 3,517,162 TEUs compared to 3,222,044 TEUs in 2024.
The increase in ICTSI's gross revenues from port operations was mainly due to tariff adjustments, volume growth with favourable container mix, and higher revenues from ancillary services at certain terminals, including growth in general cargo activities. This was partially reduced by unfavourable foreign exchange translation impact mainly from the depreciation of Mexican peso- (MXN) and Brazilian real- (BRL) based revenues.
ISCTI said that, excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, the group's consolidated gross revenues would still have increased 14 per cent.
ICTSI's consolidated cash operating expenses in the first six months of 2025 were nine per cent higher at US$381.73 million compared to US$349.43 million in the same period in 2024.
The company said the increase in cash operating expenses was mainly due to higher volumes, including increases related to the growth in revenue generating ancillary services and general cargo activities at certain terminals, and government-mandated and contracted salary rate adjustments.
This was tapered by continuous cost optimisation measures and favourable foreign exchange effects mainly of BRL-, MXN- and AU$- based expenses. Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, consolidated cash operating expenses would still have increased nine per cent.
