The port business of the Razon Group, the International Container Terminal Services Inc. (ICTSI), posted a 14 percent increase in revenue, riding on the performance of its international portfolio and capitalizing on growth opportunities globally.

Based on its released unaudited consolidated financial results for the first nine months of 2024, ICTSI’s cargo handling operation revenues stood at $2 billion from $1.76 billion earned in the same period last year.

ICTSI’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) from January to the end of September 2024 stood at $1.32 billion, 19 percent higher than the $1.11 billion EBITDA from January to September 2023.

Net income attributable to equity holders was at $632.58 million, 31 percent more than the $484.54 million earned in the first three quarters of 2023 primarily due to higher operating income, partially tapered by an increase in interest on loans and lease liabilities related to concession renewal, and higher depreciation and amortization.

Diluted earnings per share increased 33 percent to $0.303 in the first three quarters of 2024 from $0.227 in the same period in 2023, according to the report.

ICTSI handled a consolidated volume of 9,604,127 twenty-foot equivalent units (TEUs) in the nine months ending on 30 September 2024, two percent higher than the 9,451,912 TEUs handled in the same period in 2023.

“The two percent consolidated volume growth was mainly due to the impact of new services and improvement in trade activities at certain terminals, and contribution of Visayas Container Terminal in Iloilo, Philippines; offset by the decrease in volume at Contecon Guayaquil S.A. in Guayaquil Ecuador, the impact of expiration of the concession contract at PICT in Karachi, Pakistan, and the deconsolidation of OJA in Jakarta, Indonesia,” the revenue report further read.

“Our cash flow and balance sheet remain strong with free cash flow up by 18 percent to $849 million demonstrating we are financially robust and able to invest in our new and existing projects to retain our position as the world’s largest independent port operator. We are confident in our outlook and well-positioned to deliver future growth,” according to Enrique K. Razon, ICTSI chairman and president.