“Our strategy is centered on our international portfolio, and its diversity has enabled us to capitalize on growth opportunities globally,” Razon, the chair and president of ICTSI, said on Tuesday.
“Our cash flow and balance sheet remain strong with free cash flow up by 18 percent to US$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,” he said.
“We are confident in our outlook and well-positioned to deliver future growth,” he added.
ICTSI sees profit spike in first nine months
ICTSI reported a 31-percent increase in net income for the first nine months of 2024, reaching $632.58 million, as revenues from port operations rose 14 percent to $2.01 billion.
Growth was fueled by higher volumes, increased tariffs, and gains from new services, though offset by currency pressures and volume declines in some regions.
Operating income gains were tempered by higher interest expenses related to concession renewals.
Excluding nonrecurring gains, adjusted net income rose 24 percent to $613.72 million, highlighting ICTSI’s operational strength. Diluted earnings per share jumped 33 percent, reflecting the company’s continued resilience in a challenging market environment.
