MANILA's International Container Terminal Services Inc (ICTSI) posted a year-on-year 66 per cent increase in net profit to US$849.80 million, drawn on revenues of US$2.74 billion, up 15 per cent.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 18 per cent to $1.78 billion, reported St Petersburg's PortNews.
Profit was driven by higher operating income and interest earned from an elevated cash balance, though offset by increased interest on loans, lease liabilities related to concession renewals, and higher depreciation and amortization.
Said ICTSI chairman and president Enrique Razon: "The group has delivered another set of excellent results, another year of record EBITDA and our highest net income in history.
ICTSI handled a consolidated volume of 13,066,949 TEU in 2024, up two per cent from 12,749,214 TEU in 2023, attributed to new services.
Excluding new and discontinued operations, volume growth was five per cent.
Growth was also credited to improved trade activities at certain terminals, and contributions from Visayas Container Terminal (VCT) in Iloilo, Philippines, though tempered by declines at Contecon Guayaquil in Ecuador and the expiration of the concession at Pakistan International Container Terminal (PICT) in Karachi, alongside the deconsolidation of PT PBM Olah Jasa Andal in Jakarta.
Financing charges and other expenses dropped 44 per cent to $186.05 million from $329.89 million, largely due to the absence of 2023's nonrecurring goodwill impairment at PICT, offset by higher interest on new loans.
https://www.shippingazette.com/news?news_id=9250300000305
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