ICTSI reports 66% net income growth, plans $1.3B in investments

International Container Terminal Services Inc. (ICTSI) reported a 66 percent increase in net income to $849.80 million for the year 2024, driven mainly by its operations in Asia.

The company's chairman and president, Filipino billionaire Enrique Razon Jr., attributed this growth to an uptick in trading activities, with ICTSI handling 13.07 million twenty-foot equivalent units (TEUs) of cargo shipments, a 2.5 percent increase from 2023.

Razon emphasized that the improved financial performance provides the company with the flexibility to pursue new opportunities and invest in existing projects.

ICTSI plans to commence construction on an $800-million seaport in Bauan, Batangas this year and set aside approximately $580 million for capital expenditures, primarily for Southern Luzon Gateway development, expansions at ICTSI Rio in Brazil, and Mindanao Container Terminal (MCT).

Additionally, ICTSI secured a 25-year concession agreement to develop the Iloilo Commercial Port Complex, now named Visayas Container Terminal.