Global port operator International Container Terminal Services Inc. (ICTSI) reported a record net income of USD483.84 million in the first half of 2025, reflecting a 15 percent increase in the same period last year as revenues from port operations soared 14 percent to USD1.51 billion while total cargo volume hit 6.99 million TEUs (twenty-foot equivalent units).
“We have continued our strong momentum, with ICTSI’s exceptional performance in the first half of 2025, underscoring the strength and agility of our diversified global operations,” said Enrique K. Razon Jr., ICTSI Chairman and President.
Consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) for the six months of 2025 increased 15 percent to USD990.54 million from USD864.99 million in the same period in 2024. Consequently, the EBITDA margin improved to 66 percent from 65 percent.
“This achievement reflects our continued focus on operational excellence, strong balance sheet, strategic expansion, and disciplined cost management.”
In terms of shareholders value, ICTSI also boasted of a 17 percent increase in diluted earnings per share, demonstrating the resilience of the business and success of its growth strategy. “As we invest in key terminals across the Americas, Asia, and Africa, we remain committed to driving sustainable growth and innovation throughout our global portfolio,” Razon added.
ICTSI handled consolidated volume of 6,989,075 TEUs in the first half of 2025, or 11 percent higher than the 6,312,163 TEUs handled in the same period in 2024.
The volume growth was mainly due to improvement in trade activities across all regions. Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, the Group’s consolidated volume would still have been up 11 percent.
For the quarter ended June 30, 2025, total consolidated throughput was nine percent higher at 3,517,162 TEUs compared to 3,222,044 TEUs in 2024.
Revenue from port operations in the second quarter also increased 12 percent from USD684.02 million to USD764.63 million; EBITDA was 11 percent higher at USD500.94 million from USD451.23 million; and net income attributable to equity holders was at USD244.31 million, 16 percent more than the USD210.67 million in the same period in 2024. Diluted earnings per share for the second quarter of 2024 and 2025 was at USD0.101 and USD0.119, respectively.
Capital expenditures, excluding capitalized borrowing costs, amounted to USD231.98 million for the first half of 2025. These were mainly for ongoing expansions at Contecon Manzanillo S.A. (CMSA) in Mexico, certain Philippine terminals, and ICTSI DR Congo S.A. (IDRC) in Democratic Republic of Congo; and equipment acquisitions and upgrades at certain terminals.
For the entire 2025, the group’s estimated capital expenditure is approximately USD580 million which will be utilized mainly for the continued development of the new project in Batangas, Philippines; phase 3B expansion in CMSA, Manzanillo, Mexico; expansion of MICT, Manila, Philippines and IDRC, Matadi, DRC; new expansion projects at ICTSI Rio, Brazil; and Mindanao Container Terminal, Cagayan de Oro, Philippines; various other equipment acquisitions and upgrades; and maintenance capex.
