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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 2020 PHPUSD
Gross Profit37,649.60M759.05M
Operating income31,947.23M644.09M
Income before tax10,269.38M207.04M
Net income1,971.51M39.74M
Diluted EPS0.980.01
Dividends Per Share2.370.04
Total Assets297,542.81M6,195.77M
Total liabilities267,710.48M5,574.57M
Total equity20,856.12M434.29M
Operating cash flow32,277.40M650.74M
Currency in PHPCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 56,241.42M 68,062.22M 78,528.19M 83,790.65M 79,631.53M
Gross Profit 23,021.78M 26,014.09M 34,461.18M 37,296.18M 37,649.60M
Operating income 17,632.04M 20,190.97M 27,764.00M 30,673.34M 31,947.23M
Income before tax 12,206.25M 12,516.11M 16,373.82M 11,038.31M 10,269.38M
Net income 6,350.92M 7,086.39M 7,563.85M 2,122.31M 1,971.51M
EBITDA 24,635.64M 28,918.64M 39,650.01M 42,820.13M 43,343.20M
Diluted EPS 3.08 3.47 3.71 1.05 0.98
Dividends Per Share 2.47 2.50 2.92 3.31 2.37
Total Assets 207,967.48M 218,932.12M 286,794.68M 291,276.04M 297,542.81M
Total liabilities 157,214.41M 162,774.29M 244,432.63M 259,632.17M 267,710.48M
Total equity 42,927.08M 47,276.23M 33,090.32M 22,883.74M 20,856.12M
Operating cash flow 17,612.31M 22,288.83M 26,791.40M 29,310.32M 32,277.40M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,184.34M 1,350.04M 1,490.58M 1,618.19M 1,605.45M
Gross Profit 484.79M 516.00M 654.12M 720.27M 759.05M
Operating income 371.29M 400.49M 527.00M 592.37M 644.09M
Income before tax 257.04M 248.26M 310.80M 213.17M 207.04M
Net income 133.73M 140.56M 143.57M 40.98M 39.74M
EBITDA 518.78M 573.61M 752.61M 826.95M 873.84M
Diluted EPS 0.06 0.06 0.07 0.02 0.01
Dividends Per Share 0.05 0.04 0.05 0.06 0.04
Total Assets 4,183.40M 4,385.65M 5,453.92M 5,751.32M 6,195.77M
Total liabilities 3,162.47M 3,260.70M 4,648.33M 5,126.51M 5,574.57M
Total equity 863.50M 947.04M 629.27M 451.84M 434.29M
Operating cash flow 370.88M 442.11M 508.54M 566.05M 650.74M

Valuation Measures

Dec 2020
Operating margin40.11%
Profit margin2.47%

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
  • Executive Vice President: Christian Martin Razon Gonzalez
  • Senior Vice President & Head-Asia Pacific Region: Andrew James Dawes


  • Bravo International Port Holdings, Inc. (13.6%)
  • Achillion Holdings, Inc. (3.9%)
  • Capital Research & Management Co. (Global Investors) (3.3%)
  • Capital Research & Management Co. (World Investors) (2.3%)
  • The Vanguard Group, Inc. (1.7%)
  • Norges Bank Investment Management (1.1%)
  • BlackRock Fund Advisors (1.0%)
  • ICM Investment Management Ltd. (0.9%)
  • Van Eck Associates Corp. (0.8%)

Contact Details

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

Related Companies

  • South Pacific International Container Terminal Ltd.
  • Motukea International Terminal Ltd.
  • ICTSI Africa BV
  • 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


  • Asian Terminals, Inc.
  • Sociedad Matriz Saam S.A.
  • A.P. Moller - Maersk A/S Class B
  • Companhia Siderurgica Nacional
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Last Updated on 17 Sep, 2021

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