Global port operator International Container Terminal Services Inc. (ICTSI) continues its growth momentum in the first half of the year, with its net income growing by 15 percent to $483.84 million despite global trade uncertainties.

In a disclosure to the Philippine Stock Exchange, ICTSI said its earnings improved from last year’s $420.55 million on the back of stronger port operations from January to June.

Revenue of port operations in the first half stood at $1.51 billion, an increase of 14 percent from $1.32 billion in the same period last year.

ICTSI said the surge was driven by tariff adjustments, volume growth with favorable container mix, and higher revenues from ancillary services at certain terminals.

The Razon-led company handled nearly seven million twenty-foot equivalent units (TEUs) of cargo shipments in the first half, 11 percent higher than 6.31 TEUs in the previous year.

The growth was attributed to the strong trade activities across all regions, which improved despite uncertainties brought on by the tariff policy of the United States (US).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) during the first six months of the year rose 15 percent to $990.54 million from last year’s $864.99 million.

The EBITDA margin likewise improved to 66 percent from 65 percent. 

“With revenue from port operations reaching $1.51 billion and EBITDA climbing to $990.54 million, we delivered a record net income of US$483.84 million over the period—up 15 percent year-on-year,” said ICTSI Chairman and President Enrique Razon Jr.

“This achievement reflects our continued focus on operational excellence, strong balance sheet, strategic expansion, and disciplined cost management,” he said.

ICTSI said it will closely monitor the impacts of the broader macroeconomic, regulatory, and geopolitical environment in the second half of the year.

“Whilst these developments had no material impact on the group’s business, their scale and duration remain uncertain to date,” the disclosure read.

The company said the imposition of new tariffs and changes to existing tariffs such as the si-called reciprocal tariffs of the US may impact its operations.

It also cited the fluctuation of US dollar relative to other currencies, rising inflation, and geopolitical conflicts as among potential risks to the company’s revenues and profits.

Operating expenses in the first half were nine percent higher at $381.73 million compared to the prior year’s $349.43 million.

ICTSI said this was mainly due to higher volumes, including increases related to the growth in revenue generating ancillary services and general cargo activities at certain terminals, as well as government-mandated and contracted salary rate adjustments. 

The company’s capital expenditures (capex), excluding capitalized borrowing costs, amounted to US$231.98 million for the first half of 2025.

The capex was primarily allotted 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.

“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,” said Razon.

The entire year’s capex is estimated to be around $580 million for the continued development of new port projects, various other equipment acquisitions and upgrades, and maintenance capex.

ICTSI’s net income in 2024 grew 66 percent to $830.94 million from the previous year’s $511.53 million.