Port operations revenue climbed 15 percent to $2.74 billion, driven by increased container volume, higher tariffs, and growth in general cargo services.
ICTSI’s board approved a regular cash dividend of P14.16 per share, with a record date of March 20, 2025, and a payment date set for March 28, 2025.
Management’s view
“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,” said Razon, the chair and president of ICTSI.
“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,” he added.
Strong cash flow
ICTSI, valued at around P740 billion, is one of the world’s leading cargo port operators.
Razon underscored the company’s robust cash position in his remarks.
“Pleasingly, revenues increased by 15 percent to $2.74 billion, and our cash flow and balance sheet remain strong with free cash flow up by 12 percent to $1.08 billion, giving us the financial strength and flexibility to pursue new opportunities and invest in existing projects,” he said.
ICTSI shares rallied nearly 9 percent on Thursday.
Performance breakdown
• Revenue: $2.74 billion (+15 percent)
• EBITDA: $1.78 billion (+18 percent)
• Net Income: $849.8 million (+66 percent)
• Free Cash Flow: $1.08 billion (+12 percent)
• Earnings Per Share: $0.407 (+72 percent)
ICTSI handled 13.07 million TEUs in 2024, a 2-percent increase from the previous year, with new services and stronger trade activity boosting growth.
The expansion of Visayas Container Terminal (VCT) in Iloilo, Philippines contributed to higher volume, partially offset by declining activity at Contecon Guayaquil in Ecuador and the expiration of ICTSI’s concession in Pakistan.
Cash operating expenses rose 10 percent to $727.25 million, reflecting higher volumes, salary adjustments, and increased spending on ancillary services.
