International Container Terminal Services, Inc. (ICTSI) has reported unaudited consolidated results for Q1 2025, with revenue from port operations rising 17 per cent year-over-year (YoY) to $745.42 million.
EBITDA grew 18 per cent to$489.59 million, while net income attributable to equity holders rose 14 per cent to $239.54 million, driven by higher operating income but offset by increased depreciation and amortisation.
Excluding one-off items from 2024, net income would have increased by 25 per cent. Diluted earnings per share rose 17 per cent to $0.116 from $0.099.
ICTSI handled 3.47 million TEUs in Q1 2025, up 12 per cent from 3.09 million TEUs in the same period in 2024.
According to the operator, the increase was driven by new services, improved trade activity at certain terminals, volume recovery at CGSA in Ecuador, and contributions from the new Visayas Container Terminal in the Philippines, partially offset by the deconsolidation of OJA in Indonesia.
Excluding the effects of new and discontinued operations, volume growth remained at 12 per cent.
Enrique K. Razon Jr., ICTSI Chairman and President, said: “I am pleased to report a strong start to the financial year with ICTSI delivering an increase in revenues of 17 per cent to $745.42 million and setting another record high net income of $239.54 million, up 14 per cent.
“Our international portfolio performed very well with consolidated volume up 12 per cent. Our balance sheet is robust and cash generation has been strong.”
In April, Basra Gateway Terminal (BGT), ICTSI’s operation at the Port of Umm Qasr, handled the HMM Daon—the largest container vessel to call at the port.