International Container Terminal Services Inc. (ICTSI) saw its net income increasing by almost a fifth in January to September, driven by improved operational efficiency across its global terminal network.
The Philippine-based port operator reported net income attributable to equity holders of $751.56 million for the nine-month period ending September 30, up 19 percent from $632.58 million recorded in the same period last year.
Gross revenues from port operations climbed 16 percent to $2.34 billion from $2.01 billion year-on-year, thanks to an 11-percent increase in consolidated throughput to 10.69 million twenty-foot equivalent units (TEUs), favorable container mix, and higher revenues from ancillary services at various terminals.
‘ICTSI’s diversified portfolio has enabled us to capture opportunities in dynamic markets, with consolidated volume up 11 percent to 10.69 million TEUs. This growth, alongside a 16-percent increase in revenue from port operations, demonstrates the resilience of our business and operational excellence,’ ICTSI Chairman and President Enrique K. Razon Jr. said.
Consolidated cash operating expenses rose 11 percent to $585.96 million compared to $529.27 million in the nine months of 2024. The increase was primarily driven by higher volumes, including costs associated with revenue-generating ancillary services and general cargo activities, as well as government-mandated and contracted salary rate adjustments.
ICTSI invested $449.61 million in capital expenditures during the period, bankrolling expansions at Contecon Manzanillo in Mexico, certain Philippine terminals, and ICTSI DR Congo in the Democratic Republic of Congo, as well as the upfront payment for Batu Ampar Container Terminal in Batam, Indonesia.
The company has earmarked approximately $580 million for capital expenditures in 2025.
‘The excellent performance in the first nine months of 2025 is a testament to the strength of our global operations and the disciplined execution of our strategy,’ Razon said.
He added that ICTSI is ‘well-positioned to build on this momentum and deliver long-term value’ as it continues to invest in strategic expansions across the Americas, Asia, and Europe, the Middle East, and Africa.
Last April, the company reported that its net income surged by 66 percent year-on-year to an all-time high of $849.8 million in 2024 due to higher operating income and interest earnings from a strong cash balance.
Revenues from port operations climbed 15-percent year-on-year to $2.74 billion, buoyed by higher volumes, tariff adjustments, and increased revenue from ancillary services.