ICTSI sees profit increase by 36% as volumes remain at 3.1m teu

International Container Terminal Services, Inc. (ICTSI) recorded a 36% increase in profit to US$209.9m in the first quarter of 2024, mainly driven by its international portfolio, as volumes remained at 3.1m teu compared to the same period last year. 

Revenue grew by 11% to US$637.7m due to changes in the container mix, anciliary services, tariff adjustments and volume growth in certain terminals, largely at Contecon Manzanillo (CMSA) in Mexico, plus appreciation of Mexican Peso-based revenues. 

However, this was partially tapered by volume-driven decreases in revenues at certain terminals, mainly Contecon Guayaquil in Ecuador, the impact of the expiration of the concession contract at Pakistan International Container Terminal and the depreciation of Nigerian Naira-based revenues at ICTSI Nigeria in Port of Onne.