INTERNATIONAL CONTAINER Terminal Services, Inc. (ICTSI) is set to expand its operations and capacity in Brazil after acquiring a stake in a marine property in Rio de Janeiro.
The listed port operator, through its wholly owned subsidiary ICTSI Americas B.V., has acquired a 47% interest in FII Inhaúma (Inhaúma Fundo de Investimento Imobiliário – FII), which holds perpetual rights to a property where ICTSI plans to develop a terminal, ICTSI said in a regulatory filing on Monday.
ICTSI said FII Inhaúma’s property is adjacent to its Rio Brazil terminal. The property spans approximately 32 hectares of an inactive shipyard, which will be used by the port operator to expand its capacity for existing operations.
“The acquisition of this property represents an investment opportunity for ICTSI for the development of the area and, thus, the potential expansion of the total operational and logistics capacity of the port region of Rio de Janeiro,” ICTSI said.
Rio Brazil Terminal is located in Brazil’s economic region, serving the import-export hubs in the area, ICTSI said.
Established in 1987, ICTSI operates 33 terminals in 20 countries across six continents.
For 2025, ICTSI has allocated approximately $580 million in capital expenditures, primarily for the development of Southern Luzon Gateway in the Philippines, as well as planned expansions at ICTSI Rio in Brazil and Mindanao Container Terminal (MCT).
This year’s capital expenditure budget is higher than that of 2024. For the January-to-September period last year, ICTSI said its capital expenditure reached $298.63 million, representing 66.4% of its $450-million allocation for 2024.
The Razon-led port operator said this year’s capital expenditure will also fund the ongoing expansion of Matadi Gateway Terminal (MGT) in the Democratic Republic of the Congo, the Phase 3B expansion at Contecon Manzanillo (CMSA) in Mexico, and equipment acquisitions and upgrades.
In 2024, ICTSI saw its attributable net income climb by 66.1% to $849.80 million from $511.53 million a year earlier, driven mainly by its operations in Asia.
Gross revenues for the period rose by 14.6% to $2.74 billion from $2.39 billion in 2023.
Breaking down the company’s revenue growth, its operations in Asia accounted for the largest share, generating $1.14 billion in 2024, up by 9.6% from $1.04 billion in 2023.
Revenues from its operations in the Americas reached $1.08 billion, up by 26% from $855.62 million in 2023, while revenues from Europe, the Middle East, and Africa (EMEA) totaled $521.02 million, an increase of 6.3% from $490.28 million.
At the local bourse on Monday, shares in ICTSI fell by 20 centavos, or 0.06%, to end at P340 apiece. — Ashley Erika O. Jose
