INTERNATIONAL Container Terminal Services, Inc. (ICTSI) on Monday reported that net income attributable to equity holders had risen 23 percent to $293.57 million in the first quarter, from $239.54 million a year earlier, thanks to disciplined execution of operations across its global portfolio.
In a statement, the Philippine-based global port operator said new contributions from newly-opened terminals and steady demand at existing facilities were also behind the solid earnings.
Revenue from port operations was $961.11 million, up 29 percent from $745.42 million in the same quarter last year.
"Our focus on operational efficiency, prudent cost management, and careful capital allocation continues to underpin the resilience of our business,” ICTSI Chairman and President Enrique Razon Jr. said.
“As we progress with strategic expansions across our network, we remain committed to maintaining financial discipline and executing our long-term strategy to deliver sustainable value for our shareholders,” he added.
Consolidated volume stood at a little around 4.1 million 20-foot equivalent units (TEUs), 18 percent higher than the roughly 3.5 million TEUs handled the year before.
Volume growth was attributed to the volume contribution of two new ICTSI terminals in South Africa and Indonesia: Durban Gateway Terminal, which took over port operations of DCT Pier 2 in Port of Durban, South Africa, in January 2026, and Batu Ampar Container Terminal (BACT), which took over port operations in Batam, Indonesia, in September 2025.
Capital expenditures (capex), excluding capitalized borrowing costs, amounted to $117.94 million in the three-month period, with total spending for the full year projected at $740 million.
The 2026 capex will be utilized mainly for the completion of the Phase-3B expansion at Contecon Manzanillo S.A. (CMSA) in Mexico; ongoing expansions at various terminals in the Philippines, ICTSI Rio in Brazil, and Matadi Gateway Terminal in the Democratic Republic of Congo.
The port operator said part of the spending would go toward various other equipment acquisitions and upgrades, maintenance capex, and four new expansion projects at the Operadora Portuaria Centroamericana, SA de CV in Honduras, Victoria International Container Terminal Ltd. in Australia, Contecon Guayaquil S.A. in Ecuador, and the CMSA Phase 4 in Mexico.
ICTSI shares on Monday jumped P43.00, or 0.06 percent, to close at P753.00 apiece.
ED PAOLO SALTING
