ICTSI nets $314.69M in Q1 2026

Razon-led International Container Terminal Services Inc. (ICTSI) reported double-digit growth in both its top and bottom lines for the first quarter of the year, as the company recorded higher volumes and tariff adjustments during the period.

ICTSI said its net income grew 21% to $314.69 million from $261.04 million last year, as gross revenues increased 29% to $961.11 million from $745.42 million.

“This was mainly due to volume growth with favorable container mix, tariff adjustments, and higher revenues from ancillary services at certain terminals; revenue contribution of DGT (Durban Gateway Terminal) and BACT (Batu Ampar Container Terminal),” ICTSI said in a regulatory filing.

The company handled 4.084 million twenty-foot equivalent units (TEUs) in the quarter, reflecting an 18% increase from 3.471 million TEUs the same quarter last year. Volume growth was driven by two new terminals — DGT in South Africa, and Batu Ampar Container Terminal (BACT) in Batam, Indonesia.

ICTSI spent $117.94 million in capital expenditures (capex) for the quarter, with the company set to spend a total $740 million this year. This will be used mainly for the completion of phase 3B expansion at Contecon Manzanillo S.A. in Mexico.

The capex will also cover ongoing expansions at the Manila International Container Terminal (MICT), the Manila North Harbour Port INc. (MHPI), the Mindanao Container Terminal (MCT), and the South Luzon Containter Terminal (SLCT) in the Philippines; ICTSI Rio in Brazil; and Matagi Gateway Terminal in the Democratic Republic of Congo.

Aside from the Philippines, ICTSI also has operations in Brazil, Papua New Guinea, China, Indonesia, Ecuador, Poland, Georgia, Madagascar, Croatia, Honduras, Mexico, Iraq, Argentina, Democratic Republic Congo, Colombia, Australia, Cameroon and Nigeria. — Jon Viktor D. Cabuenas/RSJ, GMA News