Razon-led International Container Terminal Services, Inc. (ICTSI) reported a 31 percent increase in attributable net income in the first nine months of 2024 to $632.6 million from $484.5 million in the same period last year on the back of higher operating income.
In a regulatory filing on Tuesday, Nov. 5, ICTSI said attributable net income included non-recurring income from settlement of legal claims at ICTSI Oregon and the impact of the deconsolidation of PT PBM Olah Jasa Andal (OJA) in Jakarta, Indonesia.
Without the impact of nonrecurring income and charges, attributable net income would have grown by 24 percent to $613.72 million.
In the first nine months of the year, ICTSI said gross revenues increased by 14 percent to $2.01 billion from $1.76 billion year-on-year, while earnings before interest, tax, depreciation, and amortization (EBITDA) were higher by 19 percent to $1.3 billion from $1.1 billion year-on-year.
In the third quarter of the year alone, attributable net income rose by 24 percent to $212 million from $170.7 million year-on-year, while gross revenues increased by 16 percent to $691.7 million from $594.9 million.
EBITDA were higher by 19 percent to $451.5 million from the $377.8 million reported in the same period last year.
“Our strategy is centered on our international portfolio, and its diversity has enabled us to capitalize on growth opportunities globally,” said ICTSI Chairman and President Enrique K. Razon Jr.
He added that, "Our cash flow and balance sheet remain strong with free cash flow up by 18 percent to $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. We are confident in our outlook and well-positioned to deliver future growth.”
ICTSI handled consolidated volume of 9,604,127 twenty-foot equivalent units (TEUs) from January to September this year, 2 percent higher than the 9,451,912 TEUs handled in the same period in 2023.
“The two percent consolidated volume growth was mainly due to the impact of new services and improvement in trade activities at certain terminals, and contribution of Visayas Container Terminal (VCT) in Iloilo, Philippines; offset by the decrease in volume at Contecon Guayaquil S.A. (CGSA) in Guayaquil Ecuador, the impact of expiration of the concession contract at PICT in Karachi, Pakistan, and the deconsolidation of OJA in Jakarta, Indonesia,” the company said.
Excluding the impact of new operations in the Philippines and discontinued operations in Pakistan and Indonesia, the Group's consolidated volume would have increased by five percent.
For the third quarter alone, total consolidated throughput was 4 percent higher at 3,291,964 TEUs as compared with the 3,176,076 TEUs registered in the same period last year.
Shares of ICTSI on Tuesday rose by 0.99 percent or by P4 at P409 apiece.