Homegrown International Container Terminal Services Inc. (ICTSI) saw its best year yet with a 66 percent surge in net income, reaching $849.8 million in 2024, driven by robust income and cash flow.

In a stock exchange report on Thursday, the company said revenues grew 15 percent to $2.74 billion, while cash flow and balance sheet remained solid, with free cash flow rising 12 percent to $1.08 billion. 

Earnings from port operations alone rose 15 percent to $2.74 billion, and EBITDA (earnings before interests, taxes, depreciation and amortization) grew 18 percent to $1.78 billion.

Opex higher by 10%

Operating expenses rose 10 percent, mainly due to volume growth and salary adjustments, while EBITDA margin expanded to 65 percent from 63 percent in 2023.

The growth in numbers was attributed to higher volumes, an improved container mix, adjusted tariffs, and expanded ancillary services revenues. 

“While we continue to be mindful of the complex geopolitical backdrop, these results demonstrate the strength and resilience of our globally diversified origin and destination portfolio. I would like to thank our ICTSI colleagues all over the world for their unwavering focus, hard work, and dedication in delivering another outstanding year,” said ICTSI chairperson and president Enrique K. Razon Jr.

The company handled 13.07 million twenty-equivalent units (TEUs) in 2024, a two percent increase from the previous year due to new services and trade activities at key terminals. Excluding the impact of new and discontinued operations, consolidated volume rose by 5 percent.

ICTSI’s capital expenditures in 2024 totaled $517.1 million, funding expansions in Mexico, Brazil, Indonesia and the Philippines.

The company projects higher spending of $580 million this year to further its global expansion.