RAZON-LED International Container Terminal Services, Inc. (ICTSI) saw its 2024 attributable net income surge by 66.1% to $849.80 million from $511.53 million a year earlier, driven mainly by its operations in Asia.

“The group has delivered another set of excellent results… giving us the financial strength and flexibility to pursue new opportunities and invest in existing projects. While we continue to be mindful of the complex geopolitical backdrop, these results demonstrate the strength and resilience of our globally diversified origin-and-destination portfolio,” ICTSI Chairman Enrique K. Razon, Jr. said in a regulatory filing on Thursday.

Gross revenues for the period rose by 14.6% to $2.74 billion from $2.39 billion in 2023.

Breaking down the company’s revenue growth, its operations in Asia accounted for the largest share, generating $1.14 billion in 2024, up by 9.6% from $1.04 billion in 2023.

Revenues from its operations in the Americas reached $1.08 billion, up by 26% from $855.62 million in 2023, while revenues from Europe, the Middle East, and Africa (EMEA) totaled $521.02 million, an increase of 6.3% from $490.28 million.

By volume, ICTSI handled a total of 13.07 million twenty-foot equivalent units (TEUs), marking a 2.5% increase from 12.75 million TEUs in 2023.

Asia recorded a total volume of 7.11 million TEUs, 8.2% higher than 6.57 million TEUs in 2023. The Americas handled 3.50 million TEUs, a 4.1% decline from 3.65 million TEUs, while EMEA’s volume fell by 2.4% to 2.46 million TEUs from 2.52 million TEUs.

For 2025, ICTSI is setting aside approximately $580 million in capital expenditures, primarily for the development of Southern Luzon Gateway in the Philippines, as well as planned expansions at ICTSI Rio in Brazil and Mindanao Container Terminal (MCT).

This year’s capital expenditure budget is higher than that of 2024. For the January-to-September period last year, ICTSI said its capital expenditure reached $298.63 million, representing 66.4% of its $450-million allocation for 2024.

The Razon-led port operator said this year’s capital expenditure will also fund the ongoing expansion of Matadi Gateway Terminal (MGT) in DR Congo, the Phase 3B expansion at Contecon Manzanillo (CMSA) in Mexico, and equipment acquisitions and upgrades.

At the local bourse on Thursday, ICTSI shares climbed by P19, or 5.64%, to close at P356 apiece. — Ashley Erika O. Jose