ICTSI reports 14.1% Q1 net income growth, plans $580M investment

International Container Terminal Services Inc. (ICTSI) reported a 14.1% year-on-year increase in its first-quarter net income attributable to equity holders to $239.54 million, driven by higher port revenues and growth in consolidated volume.

The company's chairman Enrique Razon Jr. expressed confidence in the future, attributing the strong performance to a disciplined business model and diversified operations.

Gross revenues surged by 16.9% to $745.42 million, with Asia leading growth at 23.34%, followed by Europe, the Middle East, and Africa (EMEA) at 23.6%, and the Americas at 7.6%. Consolidated volume increased by 12.3% to 3.47 million twenty-foot equivalent units (TEUs).

ICTSI's growth was partially offset by the deconsolidation of PT PBM Olah Jasa Andal (OJA) in Jakarta, Indonesia; however, excluding this impact, net income would have increased by 25%. The company plans to invest $580 million this year for expansion projects across the Philippines and internationally.

ICTSI expects its diversified global portfolio to mitigate any operational impacts from potential new US tariffs.