Global port and terminal operator International Container Terminal Services, Inc. (ICTSI) reported unaudited consolidated financial results for the first half of 2024 posting revenue from port operations of US$1.32 billion, an increase of 13% from the first six months of 2023.
Additionally, ICTSI’s earnings before interest, taxes, depreciation and amortization (EBITDA) reached US$864.99 million, representing a 19% growth year-on-year, while the company’s net income attributable to equity holders of US$420.55 million was 34% higher than the US$313.80 million earned in the first half of 2023.
Moreover, diluted earnings per share increased 36% to US$0.200 in 2024 from US$0.147 in 2023.
Enrique K. Razon Jr., ICTSI Chairman and President, stated, “We’ve delivered a strong first half performance, yet again demonstrating the strength of ICTSI’s diversified international portfolio and continued delivery of our strategic initiatives. Our revenue increased by 13% to US$1.32 billion and EBITDA and net income rose to record highs of US$864.99 million and US$420.55 million, respectively.”
“We have a robust balance sheet and cash generation is strong with free cash flow up 24% to US$602 million which means we have significant headroom to invest for future growth.”
“While we remain vigilant of continuing economic and geopolitical uncertainty, we have a proven and sustainable growth strategy which gives us confidence in our outlook and continued ability to generate value for all our stakeholders.”
ICTSI handled consolidated volume of 6,312,163 TEUs in the first six months of 2024, marginally higher than the corresponding volume in the same period last year.