International Container Terminal Services (ICTSI), a port operator led by Razon, reported that its first-quarter (Q1) net revenue could be attributed to stockholders to $239.54 million and supported by higher port revenue and growth in consolidated volumes.
“We are confident to look forward to the future, with our disciplined business model and diversified business, ICTSI remains resilient and capable of continuing to provide economic and operational businesses to our stakeholders,” ICTSI said in a statement Monday.
In the three months ended March, ICTSI's attributable net income rose to $239.54 million from $209.8 million in the same period last year.
However, the unity of PT PBM Olah Jasa Andal (Oja) in Jakarta, Indonesia partially offset the company's growth.
ICTSI said the impact of the shutdown in Indonesia would increase by 25% due to equity holders.
The combined revenue for the quarter reached $745.42 million, up 16.9% from $637.64 million a year ago.
By region, Asia's revenue (42.9% of ICTSI's total revenue for the quarter) rose 23.34% from US$259.37 million to US$319.9 million.
Revenue from Europe, Middle East and Africa (EMEA) operations was $143.3 million, up 23.6% from $116.01 million, while revenue from the Americas rose 7.6% from $262.2 million in the first quarter of 2024 to $282.1 million.
During this period, ICTSI processed a total of 3.47 million units of equivalent units (TEUs), up 12.3% from 3.09 million Teus last year.
“Our international portfolio performed very well, with a 12% increase in the number of mergers, benefiting from our geographical diversification in 19 countries, which allowed us to continue to grow,” Mr Razon said.
Asia's operations processed 1.79 million TEUs, an increase of 6.5% from 1.68 million TEUs a year ago. The EMEA region handled 700,224 TEU, a 26.3% increase over 554,435 TEUS, while the number from the Americas rose 14.4% to 980,958 Teus.
The bulk growth is attributed to new services, improving trade activity across multiple terminals and volume recovery rates for Contecon Guayaquil SA (CGSA) in Ecuador.
ICTSI said the operational impact of the new U.S. tariffs is sluggish, citing its diversified global portfolio of 33 terminals in 20 countries.
Capital expenditure in the first quarter was $133.2 million, mainly allocated to the storage and upgrade of contecon Manzanillo SA (CMSA), ICTSI Congo SA (IDRC), Philippine terminals, Philippine terminals and selected terminal equipment.
In 2025, ICTSI allocated approximately US$580 million in capital expenditure, mainly to develop the expansion projects of the Southern Luzon Portal in the Philippines and Brazilian ICTSI RIO, as well as the Mindanao Container Terminal (MCT).
On the stock exchange on Monday, ICTSI shares fell P5, or 1.4% of the shares closed at P353.40. – Ashley Erika O. Jose
