INTERNATIONAL Container Terminal Services Inc. (ICTSI) posted a 20-percent increase in net income attributable to equity holders in the first nine months of 2026, supported by higher port revenues and increased container volumes from its global operations.
In a financial report on Wednesday, the global port operator said net income reached $898.89 million, up from $751.56 million a year earlier.
Excluding a nonrecurring charge related to the sale of Yantai International Container Terminal in China, recurring net income would have increased 22 percent to $913.59 million, it said.
Revenues from port operations rose 24 percent to $2.9 billion from $2.34 billion, while earnings before interest, taxes, depreciation and amortization (Ebitda) grew 21 percent to $1.87 billion from $1.54 billion.
Diluted earnings per share increased 21 percent to $0.442 from $0.365 a year earlier.
ICTSI handled 12.11 million twenty-foot equivalent units (TEUs) during the January-to-September period, 13 percent higher than the 10.69 million TEUs recorded in the same period last year.
The increase was mainly driven by contributions from two newly added terminals: Durban Gateway Terminal in South Africa and Batu Ampar Container Terminal in Indonesia.
Improved trade activity in Asia and the Americas also supported volume growth, partly offset by lower volumes at certain terminals in Europe, the Middle East and Africa, particularly Basra Gateway Terminal in Iraq, amid geopolitical tensions in the Middle East.
Excluding the contributions of the two new terminals and the discontinued Yantai operations, consolidated throughput would have increased by only 0.1 percent, ICTSI said.
On the other hand, consolidated cash operating expenses climbed 37 percent to $801.4 million from $585.96 million a year earlier.
ICTSI said this was due to expenses from the newly added terminals, higher operating costs associated with increased volumes and ancillary services, fuel price increases amid the Middle East crisis, salary adjustments and unfavorable foreign exchange movements.
Ebitda margin also eased to 64 percent from 66 percent, reflecting the integration of newly added operations. Excluding new and discontinued operations, Ebitda would have grown 15 percent, while the margin would have improved slightly to above 66 percent, the company said.
For the third quarter alone, ICTSI’s net income attributable to equity holders increased 15 percent to $308.9 million from $267.72 million, while revenues from port operations rose 19 percent to $984.05 million and Ebitda improved 15 percent to $635.74 million.
ICTSI Chairman and President Enrique Razon Jr. highlighted the double-digit growth in volumes, revenues and earnings.
“We remain focused on integrating our new terminals and investing to strengthen capacity and service levels across our network, and we are confident in the long-term contribution these operations will make,” he said.
Capital expenditures in the nine months, excluding capitalized borrowing costs, reached $507.43 million.
Full-year capital expenditure is estimated to reach $740 million, which would fund terminal expansions in Mexico, the Philippines, Brazil and the Democratic Republic of the Congo, as well as equipment acquisitions, upgrades and maintenance.
In the Philippines, ongoing expansion projects include the Manila International Container Terminal, Manila North Harbour Port, Mindanao Container Terminal and South Luzon Container Terminal.
ICTSI operates container terminals across six continents and provides port services to the global shipping industry.
On Wednesday, shares of ICTSI slipped P20.00, or 2.50 percent, to close at P780.00 each.
