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Elijah Felice Rosales - The Philippine Star
May 5, 2026 | 12:00am
Based on its financial report, International Container Terminal Services Inc. (ICTSI) grew its profit by 23 percent to $293.57 million in the first quarter, from $239.54 million a year ago.
BW / File
MANILA, Philippines — The flagship business of tycoon Enrique Razon Jr. sailed past rough waters and booked a higher profit in the first quarter, leaning on its diversified portfolio to boost revenue generation.
Based on its financial report, International Container Terminal Services Inc. (ICTSI) grew its profit by 23 percent to $293.57 million in the first quarter, from $239.54 million a year ago.
The port operator recorded a 29-percent increase in revenue to $961.11 million, driven by fresh income generated from new projects in Indonesia and South Africa.
ICTSI said container volume surged by 18 percent to 4.08 million twenty-foot equivalent units (TEUs). In general, the company drew better turnouts from its American and Asian terminals, but took a hit from the logistics slowdown in the Middle East.
Razon said the key for ICTSI to overcome cost-related risks from the oil price shocks is to spend carefully, especially as it remains uncertain when the crisis would end.
“The contribution from newly added terminals, alongside stable demand at our existing facilities, supported volume and earnings growth for the quarter,” Razon said.
“ICTSI’s focus on operational efficiency, prudent cost management and careful capital allocation continues to underpin the resilience of our business,” he added.
As of March, ICTSI has spent $117.94 million, or 16 percent, of the $740 million it allocated for capital expenditures. It is investing the bulk of the budget to scale up the capacity of local ports Manila International Container Terminal and Manila North Harbor Port Inc.
Similarly, ICTSI plans to expand the capabilities of its international projects, including in Brazil, Democratic Republic of Congo and Mexico. The company is also acquiring new equipment and technologies aimed at improving cost efficiencies in its terminals.
ICTSI is one of the world’s largest port operators in the 50,000 to 3.5 million TEU annual range, with a portfolio that keeps on expanding across six continents.
