International Container Terminal Services Inc. (ICTSI) reported its net income rose 14 percent to to $261.04 million in the first quarter of 2025 from $209.88 million a year earlier.
Revenues grew 17 percent to $745.42 million from $637.65 million in the comparable period, the company said in a regulatory filing published by the Philippine Stock Exchange on Monday.
It said its Q1 performance was the result of higher operating income, even though it was partially tapered by higher depreciation and amortization charges.
“Our international portfolio performed very well with consolidated volume up 12 percent, benefiting from our geographic diversification across 19 countries, which has enabled us to generate continued growth,” Enrique Razon Jr., ICTSI chairman and president, said.
The company handled a consolidated volume of 3.47 million twenty-foot equivalent units (TEUs) in the first quarter, compared with 3.09 million TEUs a year earlier.
Its operations gained from new services and improvement in trade activities at certain terminals, particularly the volume recovery at Contecon Guayaquil S.A. and the contribution of the Visayas Container Terminal, the company’s new terminal in Iloilo, Philippines.
Those gains, however, were partially offset by the deconsolidation of the PT PBM Olah Jasa Andal in Jakarta, Indonesia.
“Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, the group’s consolidated volume would have been up 12 percent,” the company said.
Earnings before interest tax depreciation and amortization (EBITDA) increased by 18 percent to $489.59 million from $413.76 million, with an EBITDA margin of 66 percent, up from 65 percent.
ICTSI spent $133.22 million in capital expenditures during the first quarter, excluding capitalized borrowing costs. The capital spending benefitted the ongoing expansions at Contecon Manzanillo S.A. in Mexico, as well as certain Philippine terminals and ICTSI DR Congo S.A. in the Democratic Republic of Congo, and equipment acquisitions and upgrades at certain terminals, the company said.
ICTSI earlier said it aims to spend $580 million in capital expenditures this year.
“Our balance sheet is robust and cash generation has been strong, reinforcing our ability to invest and capitalize on growth opportunities,” Razon said in Monday’s disclosure.
“Looking ahead, we are mindful of the uncertainty over global trading arrangements and potential macroeconomic headwinds but for ICTSI, the direct impact of announced tariffs is small owing to limited exposure to US trade,” he said.
”We look to the future with confidence, and with our highly disciplined business model and diversified operations, ICTSI remains resilient and in a strong position to continue to deliver financially and operationally for our stakeholders,” Razon added.
