ICTSI’s Strong First Quarter: Revenue Growth And Record EBITDA

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Container Throughput

International Container Terminal Services, Inc. (ICTSI) reported steady container throughput, handling 3.1 million TEUs in the first quarter of 2024, maintaining a similar volume to the previous year’s first quarter.

Financial Growth

Additionally, the company reported revenues of around US$640 million, translating to an 11% increase from the same period last year, while its earnings before interest, taxes, depreciation and amortisation (EBITDA) was 17% higher at US$413.76 million.

Chairman’s Remarks

Enrique K. Razon, ICTSI chairman and president, commented, “I am pleased to announce an excellent first quarter with ICTSI delivering growth in revenues of 11% to US$637.65 million and record EBITDA of US$413.76 million, a rise of 17% against the previous period. Our international portfolio performed exceptionally well, and the Group continues to benefit from geographic diversification spanning 19 countries which has enabled us to deliver growth, despite regional economic headwinds.”

ICTSI has also announced net income attributable to equity holders of US$209.88 million, 36% more than the US$154.61 million earned in the same period last year primarily due to higher operating income, interest and nonrecurring income from settlement of legal claims, and lower equity share in net loss of joint ventures. Moreover, diluted earnings per share increased 37% to US$0.099 from US$0.072 in the first quarter of 2023.

Outlook and Confidence

“We look to the future with confidence, and with our highly disciplined business model we remain strongly positioned to continue to deliver financially and operationally for all our stakeholders,” pointed out Razon.

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Source: Container News