ICTSI Docks Record $850M Profit in 2024

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.

- — Elijah Felice Rosales

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.