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Net income during the first nine months soared 20 percent to $898.89 million despite disruptions to international trade.
Revenues also surged 24 percent to $2.9 billion from January to Sept. 2026 as cargo volumes climbed 13 percent to 12.11 million twenty-foot equivalent units (TEUs), a standard measure of container traffic, largely supported by new terminals in South Africa and Indonesia.
However, excluding these operations and a discontinued terminal in China, cargo traffic barely grew at 0.1 percent during the nine-month period.
Robust Q3
The company's third-quarter performance also remained strong, with net income rising 15 percent to $308.90 million and revenues increasing 19 percent to $984.05 million in the July-to-September period, although both grew more slowly than their respective nine-month rates.
The company remains the Philippine stock market's most valuable listed firm with a market capitalization of around P1.6 trillion.
Its shares last traded at P807 each, a gain of over 40 percent since the start of the year.
Management's view
“Our diversified portfolio continues to provide resilience in a more challenging operating environment,” Razon, the chair and president of ICTSI. said in a statement on Wednesday.
“We remain focused on integrating our new terminals and investing to strengthen capacity and service levels across our network, and we are confident in the long-term contribution these operations will make. Disciplined capital allocation and operational execution remain central to delivering sustainable value for our shareholders,” he added.
Cash keeps flowing
The port operator generated $1.56 billion in operating cash flow in the first nine months, up 21 percent from a year earlier, allowing it to maintain substantial cash reserves even after spending $507 million on capital projects and paying $666 million in dividends.
ICTSI ended September with $1.14 billion in cash, up 31 percent from a year earlier.
ICTSI had also secured a $1-billion, 10-year loan from BDO Unibank last September.
Making more from existing ports
Revenues from existing ports rose 15 percent in the first nine months despite nearly flat cargo volumes, supported by higher tariffs and additional services.
Recurring net income climbed 22 percent to $913.59 million, although higher operating costs narrowed ICTSI's EBITDA margin to 64 percent from 66 percent.
ICTSI has earmarked $740 million for capital spending in 2026, including port expansions in the Philippines, Latin America, Africa and Australia.
—Edited by Miguel R. Camus
