Manila-headquartered global port operator ICTSI reported that it handled consolidated volume of 13.1 million twenty-foot equivalent units (TEUs) in 2024, a flat two percent growth compared to the 12.7 million TEUs handled in 2023.
At the company’s annual stockholders meeting on April 24, 2025, ICTSI reported that its gross revenues from port operations for the year was 15 percent higher at US$2.74 billion compared to the US$2.39 billion reported in 2023.
Consolidated EBITDA increased 18 percent to US$1.78 billion, from US$1.51 billion in the prior year. EBITDA margin increased to 65 percent.
Consolidated cash operating expenses was 10 percent higher at US$727.25 million compared to US$662.70 million
Net income attributable to equity holders of the parent was US$849.80 million in 2024. Excluding the one-off gain from the settlement of legal claims in ICTSI Oregon, and the impairment charge on non-current assets last year, recurring net income attributable to equity holders of the parent increased 23 percent to US$830.94 million.
Diluted earnings per share likewise increased by 72 percent to US$.41, from US$.24.
During its stockholders meeting on April 24, 2025, ICTSI Chairman Enrique K. Razon Jr. described the past year 2024 a “truly extraordinary and ground-breaking” in many ways. Although the year was not without its challenges in global politics, Razon said that 2024 was ICTSI’s “best year ever” with records across the board financially and in operational efficiency.
“We set new records in terms of revenue, EBITDA, free cash flow and net income. And importantly, we grew in strength as an organization. The team demonstrated increasing skills in operations, delivery of service, efficiency in all aspects and with elevated energy,” he said.
“Our performance was exceptional to say the least. We achieved these new milestones thanks to strategic initiatives and diligent efforts from every member of ICTSI, which allowed us to reinvest in the organization, improving our infrastructure, technology, and support systems to ensure sustained momentum.”
