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Transportation

International Container Terminal Services, Inc.

Company Background

Controlled by Filipino-Spanish businessman Enrique K. Razon, International Container Terminal Services is the Philippines' largest port operator. By the end of 2013, ICTSI was involved in 28 terminal concessions and port development projects in 20 countries. Specifically, these were 23 terminals in seven key ports in the Philippines, two in Indonesia and one each in Brazil, Brunei, China, Croatia, Ecuador, Georgia, Honduras, India, Japan, Madagascar, Mexico, Pakistan, Poland and the U.S.

In 2013, the company had port development projects in Colombia and Argentina; it had also secured three contracts to develop, manage and operate ports in Nigeria, Congo and another one in the Southern Philippine province of Davao. Company officials have said ICTSI would continue to scout projects abroad, especially in emerging markets like the Philippines.

The group prefers managing midsize ports, with total annual throughputs ranging from 50,000 to 2.5 million 20-foot equivalent units (TEUs). Razon, who started working in ports at the age of 18, inherited the business from his father, Enrique Razon Sr. The younger Razon also now controls Bloomberry Resorts, which operates a big casino near Manila Bay.

Business Summary

International Container Terminal Services, Inc. engages in developing, acquiring, owning, and operating common-user container terminals for cargo handling and services. It operates through the following geographical segments: Asia; Europe, Middle East and Africa (EMEA); and Americas. The Asia segment includes Manila International Container Terminal, Bauan Terminal, Bauan, Philippines, Sasa Wharf, Port of Davao and Makar Wharf, Port of General Santos, Philippines. The EMEA segment comprises of Baltic Container Terminal, Gdynia, Poland, Port of Batumi, Batumi, Georgia, Brajdica Container Terminal, Rijeka, Croatia, and Port of Toamasina, Toamasina, Madagascar. The Americas segment consists of Suape Container Terminal, Suape, Brazil, Port of Guayaquil, Guayaquil, Ecuador, Port of La Plata, Buenos Aires Province, Argentina, and Port of Manzanillo, Manzanillo, Mexico and Port of Tuxpan, Mexico. The company was founded on December 24, 1987 and is headquartered in Manila, Philippines.

Financial Highlights

Dec 2019 PHPUSD
Revenue83,790.65M1,618.19M
Gross Profit37,296.18M720.27M
Operating income30,673.34M592.37M
Income before tax11,038.31M213.17M
Net income2,122.31M40.98M
EBITDA42,820.13M826.95M
Diluted EPS1.050.02
Dividends Per Share3.310.06
Total Assets291,276.04M5,751.32M
Total liabilities259,632.17M5,126.51M
Total equity22,883.74M451.84M
Operating cash flow29,310.32M566.05M
Currency in PHPCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 53,155.33M 56,241.42M 68,062.22M 78,528.19M 83,790.65M
Gross Profit 19,941.20M 23,021.78M 26,014.09M 34,461.18M 37,296.18M
Operating income 14,646.12M 17,632.04M 20,190.97M 27,764.00M 30,673.34M
Income before tax 5,593.58M 12,206.25M 12,516.11M 16,373.82M 11,038.31M
Net income 982.08M 6,350.92M 7,086.39M 7,563.85M 2,122.31M
EBITDA 20,403.90M 24,635.64M 28,918.64M 39,650.01M 42,820.13M
Diluted EPS 0.50 3.08 3.47 3.71 1.05
Dividends Per Share 0.91 2.47 2.50 2.92 3.31
Total Assets 180,779.83M 207,967.48M 218,932.12M 286,794.68M 291,276.04M
Total liabilities 133,149.60M 157,214.41M 162,774.29M 244,432.63M 259,632.17M
Total equity 39,666.61M 42,927.08M 47,276.23M 33,090.32M 22,883.74M
Operating cash flow 13,469.93M 17,612.31M 22,288.83M 26,791.40M 29,310.32M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 1,167.40M 1,184.34M 1,350.04M 1,490.58M 1,618.19M
Gross Profit 437.95M 484.79M 516.00M 654.12M 720.27M
Operating income 321.65M 371.29M 400.49M 527.00M 592.37M
Income before tax 122.84M 257.04M 248.26M 310.80M 213.17M
Net income 21.56M 133.73M 140.56M 143.57M 40.98M
EBITDA 448.11M 518.78M 573.61M 752.61M 826.95M
Diluted EPS 0.01 0.06 0.06 0.07 0.02
Dividends Per Share 0.01 0.05 0.04 0.05 0.06
Total Assets 3,841.88M 4,183.40M 4,385.65M 5,453.92M 5,751.32M
Total liabilities 2,829.65M 3,162.47M 3,260.70M 4,648.33M 5,126.51M
Total equity 842.98M 863.50M 947.04M 629.27M 451.84M
Operating cash flow 295.82M 370.88M 442.11M 508.54M 566.05M

Valuation Measures

Dec 2019
PER121.80
ROA0.73%
ROE7.58%
Operating margin36.60%
Profit margin2.53%

Key executives

  • Chairman & President: Enrique Klar Razon
  • CFO, Senior VP & Compliance Officer: Rafael Jose Dela Cruz Consing
  • Chief Information Officer & Vice President: Brian Mark Hibbert
  • Vice President-Global Audit & Compliance: Tricianne M. Zingapan
  • Executive Vice President: Christian Martin Razon Gonzalez

Shareholders

  • Bravo International Port Holdings, Inc. (13.9%)
  • RAZON ENRIQUE KLAR JR (4.1%)
  • Achillion Holdings, Inc. (3.9%)
  • Capital Research & Management Co. (Global Investors) (3.9%)
  • Capital Research & Management Co. (World Investors) (2.5%)
  • The Vanguard Group, Inc. (1.9%)
  • Norges Bank Investment Management (1.3%)
  • RAZON ENRIQUE (1.1%)
  • Sureste Realty Corp. (1.1%)
  • BlackRock Fund Advisors (1.0%)

Contact Details

  • Website:http://www.ictsi.com
  • Address: 3F, ICTSI Administration Building, Manila Intl Container Terminal, Manila, 1012, Philippines
  • Phone: +63.2.245.4101

Related Companies

  • South Pacific International Container Terminal Ltd.
  • Motukea International Terminal Ltd.
  • ICTSI Americas BV
  • Operadora Portuaria Centroamericana SA de CV
  • ICTSI Tuxpan BV
  • ICTSI Global Finance BV
  • ICTSI Oceania BV
  • Victoria International Container Terminal Ltd.
  • ICTSI Cooperatief U. A.
  • Abbotsford Holdings, Inc. (Philippines)
  • Hijo International Port Services, Inc.
  • Lekki International Container Terminal Services LFTZ
  • ICTSI Treasury BV
  • International Container Terminal Services (India) Pvt Ltd.
  • Batumi International Container Terminal LLC
  • ICTSI (M.E.) JLT
  • ICTSI Oregon, Inc.
  • ICTSI Subic, Inc.
  • ICTSI Mauritius Ltd.
  • Manila International Container Terminal
  • Pentland International Holdings Ltd.
  • ICTSI Poland Ltd.
  • Contecon Guayaquil SA
  • Madagascar International Container Terminal Services Ltd.
  • Contecon Manzanillo SA de CV
  • Australian International Container Terminals Ltd.
  • ICTSI Warehousing, Inc.
  • ICTSI Capital BV
  • Tecon Suape SA
  • International Ports of South America & Logistics SA

Competitors

  • Asian Terminals, Inc.
  • Sociedad Matriz Saam S.A.
  • A.P. Moller - Maersk A/S Class B
  • Companhia Siderurgica Nacional
  • CK Hutchison Holdings Ltd
  • Nippon Yusen Kabushiki Kaisha
Last Updated on 25 Sep, 2020

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