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ICTSI Docks Record $850M Profit in 2024
The Philippine Star
|March 07, 2025
Logistics giant International Container Terminal Services Inc. (ICTSI) posted an all-time high $850 million profit last year, and plans to follow this up with further expansion by raising its capital expenditures for 2025.
Based on its financial report, ICTSI said its net income went up by two thirds to $849.8 million in 2024, from $511.53 million in 2023, as revenue grew at a pace quicker than spending.
ICTSI chairman and president Enrique Razon Jr. said the company also raised its free cash flow to $1.08 billion, arming it with enough resources to undertake further expansion.
Revenue went up by 15 percent to $2.74 billion, lifted by tariff hikes with support of higher returns from ancillary services. Expenses increased as well, but just by 10 percent to $727.25 million, to pay for new assets needed to serve demand.
This story is from the March 07, 2025 edition of The Philippine Star.
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