Razon's ICTSI posts record P2.02-trillion market cap

Razon-led port operator International Container Terminal Services Inc. (ICTSI) on Wednesday became the first Philippine company to hit a P2.02-trillion market capitalization (MCAP), reaching the milestone less than 10 months since it first breached the P1-trillion mark.

Data released by the Philippine Stock Exchange Inc. (PSE) show that ICTSI's share prices closed Wednesday at an all-time high of P999, reflecting a 14,810% increase from its initial public offering (IPO) price of P6.70 when it went public in March 1992.

The company hit the P2-trillion MCAP intraday on June 16, 2026, and July 13, 2026. It first recorded a P2.01-trillion market capitalization on Tuesday, July 14, 2026, and a P1-trillion MCAP on September 17, 2025.

"Doubling its market cap less than 10 months after breaching the P1-trillion market capitalization is nothing short of extraordinary," PSE president and chief executive officer Ramon Monzon said in an emailed statement.

"This performance speaks of confidence in the leadership of ICT Chairman and President Mr. Enrique Razon Jr., and in the strategic direction of the company as it continues to expand its global port and logistics operations," Monzon added.

ICTSI has maritime gateway facilities across the Asia-Pacific, the Americas, Europe, Middle East, and Africa, spanning 33 terminals in 19 countries.

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.

The port operator reported a 21% growth in its first-quarter net income to $314.69 million from $261 million a year ago, as gross revenues grew 29% to $961.11 million from $745.42 million. — VDV, GMA News