INTERNATIONAL Container Terminal Services, Inc. (ICTSI) on Monday said first-half net grew 22 percent to P39.1 billion ($641.39 million) from P31.94 billion ($524.06 million) a year earlier, driven mainly by volume growth in its container business.
Net income attributable to equity holders increased 22 percent to P35.96 billion from roughly P29.5 billion in the same period last year, the company also said.
Gross revenues from port operations climbed 27 percent to P117.02 billion from P92.03 billion, driven by higher container throughput, increased revenues from ancillary services at certain terminals, tariff adjustments, contributions from the Durban Gateway Terminal and Batu Ampar Container Terminal and foreign exchange gains.
"ICTSI delivered a strong first half, with double-digit growth in volumes, revenues and earnings supported by contributions from recently added terminals and stable performance across our existing portfolio,” ICTSI Chairman and President Enrique Razon Jr. said in a statement.
“Despite a more challenging operating backdrop in some markets during the period, our diversified footprint continued to provide resilience and support strong financial and operational performance," he added.
Container throughput from January to June rose 16 percent to 8,115,758 20-foot equivalent units (TEUs) from 6,989,075 TEUs, attributed largely to the contributions of Durban and Batu Ampar.
Durban Gateway took over DCT Pier 2 operations in the Port of Durban, South Africa, in January this year, while the Batu Ampar terminal began handling port operations in Batam, Indonesia, starting September 2025.
The company said capital expenditures in the first half, excluding capitalized borrowing costs, amounted to P19.50 billion ($320.05 million), with estimated capex of P45.1 billion ($740 million) set for this year to support ongoing and new expansion projects as well as equipment acquisitions, maintenance and upgrades.
Ongoing expansion projects include those at Contecon Manzanillo S.A. in Mexico, several major terminals in the Philippines, ICTSI Rio in Brazil and Matadi Gateway Terminal in the Democratic Republic of Congo.
ICTSI’s four new expansion projects are at Operadora Portuaria Centroamericana, SA de CV, in Honduras; Victoria International Container Terminal Ltd. in Australia; Contecon Guayaquil S.A. in Ecuador; and phase 4 at CMSA, Mexico.
"Moving forward, we remain focused on executing our expansion program, integrating new operations, and maintaining financial discipline across the business. We also continue to invest to strengthen capacity and service levels across our portfolio while supporting sustainable long-term growth,” Razon said.
ICTSI shares on Monday surged P42, or 4.36 percent, to close at P1,005 apiece amid a 1.58-percent rise for the benchmark Philippine Stock Exchange index.
