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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 operations of Manila International Container Terminal, and other ports throughout the Philippines, Indonesia, China, Pakistan, Australia, and Papua New Guinea. The EMEA segment consists of various ports in Poland, Georgia, Croatia, Madagascar, DR Congo, Iraq, and Cameroon. The Americas segment handles port operations in Brazil, Ecuador, Argentina, Mexico, Colombia, and Honduras. The company was founded on December 24, 1987 and is headquartered in Manila, Philippines.

Financial Highlights

Dec 2021 PHPUSD
Gross Profit50,265.27M1,019.69M
Operating income43,776.32M888.05M
Income before tax29,673.36M601.95M
Net income18,227.96M369.77M
Diluted EPS8.920.18
Dividends Per Share6.570.13
Total Assets319,565.46M6,266.91M
Total liabilities282,831.65M5,546.53M
Total equity26,868.71M526.91M
Operating cash flow38,778.99M786.67M
Currency in PHPCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 68,062.22M 78,528.19M 83,790.65M 79,631.53M 94,989.00M
Gross Profit 26,014.09M 34,461.18M 37,296.18M 37,649.60M 50,265.27M
Operating income 20,190.97M 27,764.00M 30,673.34M 31,947.23M 43,776.32M
Income before tax 12,516.11M 16,373.82M 11,038.31M 10,269.38M 29,673.36M
Net income 7,086.39M 7,563.85M 2,122.31M 1,971.51M 18,227.96M
EBITDA 28,918.64M 39,650.01M 42,820.13M 43,343.20M 55,933.05M
Diluted EPS 3.47 3.71 1.05 0.98 8.92
Dividends Per Share 2.50 2.92 3.31 2.37 6.57
Total Assets 218,932.12M 286,794.68M 291,276.04M 297,542.81M 319,565.46M
Total liabilities 162,774.29M 244,432.63M 259,632.17M 267,710.48M 282,831.65M
Total equity 47,276.23M 33,090.32M 22,883.74M 20,856.12M 26,868.71M
Operating cash flow 22,288.83M 26,791.40M 29,310.32M 32,277.40M 38,778.99M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,350.04M 1,490.58M 1,618.19M 1,605.45M 1,926.96M
Gross Profit 516.00M 654.12M 720.27M 759.05M 1,019.69M
Operating income 400.49M 527.00M 592.37M 644.09M 888.05M
Income before tax 248.26M 310.80M 213.17M 207.04M 601.95M
Net income 140.56M 143.57M 40.98M 39.74M 369.77M
EBITDA 573.61M 752.61M 826.95M 873.84M 1,134.66M
Diluted EPS 0.06 0.07 0.02 0.01 0.18
Dividends Per Share 0.04 0.05 0.06 0.04 0.13
Total Assets 4,385.65M 5,453.92M 5,751.32M 6,195.77M 6,266.91M
Total liabilities 3,260.70M 4,648.33M 5,126.51M 5,574.57M 5,546.53M
Total equity 947.04M 629.27M 451.84M 434.29M 526.91M
Operating cash flow 442.11M 508.54M 566.05M 650.74M 786.67M

Valuation Measures

Dec 2021
Operating margin46.08%
Profit margin19.18%

Key executives

  • Chairman & President: Enrique Klar Razon
  • CFO, Senior Vice President & Compliance Officer: Rafael Jose Dela Cruz Consing
  • Chief Information Officer & Vice President: Brian Mark Hibbert
  • Chief Risk Officer & Executive Vice President: Christian Martin Razon Gonzalez
  • Senior VP & Global Financial Controller: Sandy A. Alipio


  • Bravo International Port Holdings, Inc. (24.7%)
  • Achillion Holdings, Inc. (3.9%)
  • Capital Research & Management Co. (Global Investors) (3.2%)
  • Capital Research & Management Co. (World Investors) (2.3%)
  • The Vanguard Group, Inc. (1.7%)
  • BlackRock Fund Advisors (1.2%)
  • Norges Bank Investment Management (1.1%)
  • ICM Investment Management Ltd. (0.9%)
  • Templeton Asset Management Ltd. (0.7%)

Contact Details

  • Website:
  • Address: 3F, ICTSI Administration Building, Manila Intl Container Terminal, Manila, 1012, Philippines
  • Phone: +

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Last Updated on 8 Aug, 2022

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