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Manila Bulletin devider Business devider Trade & Industry devider ICTSI net income climbs to Q1 record amid minimal impact of US tariffs

ICTSI net income climbs to Q1 record amid minimal impact of US tariffs

Published May 5, 2025 04:44 pm

At A Glance

  • Port operator International Container Terminal Services Inc. (ICTSI) saw record-high earnings of $239.54 million in the first quarter of the year, driven by strong growth in its international portfolio, which remains relatively unaffected by recent trade upheavals caused by tariffs imposed by the United States (US).

Port operator International Container Terminal Services Inc. (ICTSI) saw record-high earnings of $239.54 million in the first quarter of the year, driven by strong growth in its international portfolio, which remains relatively unaffected by recent trade upheavals caused by tariffs imposed by the United States (US).

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, May 5, Razon-led ICSTI reported that its net income from January to March grew 14 percent from the $209.88 million recorded during the same period last year.

The company’s revenues jumped by 17 percent from $637.65 million to $745.42 million on the back of volume growth.

Ports and casino magnate Enrique Razon Jr., chairman and president of ICTSI, said the strong start to the year is attributed to their growing geographic diversification.

ICTSI’s port operations, which span 32 terminals in 19 countries, have generated steady growth for the company.

“Our balance sheet is robust and cash generation has been strong, reinforcing our ability to invest and capitalize on growth opportunities,” said Razon.

Razon, however, said the firm is being mindful of present uncertainties over global trading arrangements and potential macroeconomic headwinds.

Over the past month, global trade remained on the edge amid potential fallbacks fueled by US President Donald Trump’s announcement of sweeping tariffs against trade partners.

ICTSI, for its part, said the direct impact of the tariffs on the company is “small” because of the company’s limited exposure to US trade.

“We look to the future with confidence, and with our highly disciplined business model and diversified operations, ICTSI remains resilient and in a strong position to continue to deliver financially and operationally for our stakeholders,” said Razon.

ICTSI also noted that its record earnings for the first quarter was a direct result of a higher operating income, which was partially tapered by higher depreciation and amortization charges.

Excluding income from settlement of legal claims at ICTSI Oregon and the impact of the deconsolidation of PT PBM Olah Jasa Andal (OJA), Jakarta, Indonesia, during the first quarter of last year, ICTSI’s net income would have increased by 25 percent.

As of March 31, ITCSI handled a consolidated volume of 3.47 million twenty-foot equivalent units (TEUs), which is 12-percent higher than the 3.1 million TEUs the prior year.

The growth in this segment was primarily due to volume recovery at Contecon Guayaquil S.A. (CGSA), contributions from Visayas Container Terminal (VCT), and the new terminal in Iloilo.

Meanwhile, consolidated cash operating expenses in the first three months went up nine percent from $172.48 million to $187.66 million.

The operator’s earnings before interest, taxes, depreciation and amortization (EBITDA) were 18-percent higher at $489.59 million, compared to $413.76 million in the first quarter of 2024.

The company’s capital expenditures (capex), excluding capitalized borrowing costs, stood at $133.22 for the first quarter.

This year, ICTSI’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.

Related Tags

International Container Terminal Services Inc. (ICTSI) Enrique K. Razon Jr. Donald Trump reciprocal tariffs
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