International Container Terminal Services, Inc. (ICTSI) announced its unaudited financial results for the first nine months of 2024, showing a 14% rise in revenue from port operations to US$2 billion, up from US$1.7 billion in the same period of 2023.
“I am pleased to report another excellent set of results in which we have delivered impressive revenue growth, up 14% to US$2.01 billion. EBITDA rose by 19% to US$1.32 billion while net income attributable to equity holders was up 31% to US$632.58 million, both new records for ICTSI,” stated Enrique K. Razon Jr., Chairman and President of ICTSI.
EBITDA reached US$1.3 billion, marking a 19% increase from US$1.1 billion, and net income attributable to equity holders grew by 31% to US$632.58 million from US$484 million, primarily driven by higher operating income.
These gains were slightly offset by increased interest expenses on loans and lease liabilities for concession renewals and higher depreciation and amortization. Diluted earnings per share climbed 33%, reaching US$0.303 compared to US$0.227 in 2023.
The reported net income for the period included nonrecurring income from ICTSI Oregon’s legal settlements and the impact of deconsolidating PT PBM Olah Jasa Andal (OJA) in Jakarta. In contrast, the 2023 figures reflected a goodwill impairment linked to the Pakistan International Container Terminal (PICT) in Karachi. Without these nonrecurring items, net income attributable to equity holders would have increased by 24%, reaching US$614 million.
In the third quarter ending September 30, 2024, revenue from port operations increased by 16% to US$692 million from US$595 million, while EBITDA rose by 19% to US$451 million. Net income attributable to equity holders was US$212.03 million, a 24% increase over US$171 million in the prior-year period, with diluted EPS rising from US$0.080 to US$0.102.
ICTSI’s consolidated volume for the first nine months was 9,604,127 TEUs, up 2% from 9,451,912 TEUs in 2023, driven by new services, increased trade activities at select terminals, and contributions from Visayas Container Terminal in the Philippines. Volume decreases at Contecon Guayaquil S.A. (CGSA) in Ecuador and the expiration of PICT’s concession in Pakistan, along with OJA’s deconsolidation, partly offset these gains. Excluding new operations and discontinued businesses, consolidated volume growth would have been 5%. In Q3 2024, throughput rose by 4% to 3,291,964 TEUs from 3,176,076 TEUs in Q3 2023.
Cash operating expenses increased by 8% to US$529.27 million, driven by higher volume-related expenses, costs associated with revenue-generating services, salary adjustments, and general cargo handling, partly offset by cost optimization, the end of PICT’s concession, and favourable foreign exchange effects.
