Manila International Container Terminal, Philippine Casino Crown Jewelry … [+]
Provided by ICTSI
International container terminal service company (ICTSI) – Global Port Operators controlled by Tycoon Enrique Razon Jr.– A record $580 million will be spent this year after booking the highest profit ever in 2024.
Net revenue from publicly traded companies in the Philippines soared 66% to $849.8 million in 2024, and port revenue grew 15% in higher cargo traffic to $2.7 billion. The bottom line is also supported by legal settlement and a unified excellent gain for an Indonesian joint venture.
“While we continue to focus on complex geopolitical contexts, these results demonstrate the strength and resilience of our global diversified portfolios and the destinations,” Razon, chairman and president of the company, said in a statement.
ICTSI said the combined cargo throughput increased by 2% to 13 million equivalent units in 2024 to increase global trade volume and donate from new terminals in the Philippines and Indonesia.
With its free cash flow of $1.1 billion as of the end of 2024 (a 12% increase from the previous year), Razon said the company has “financial strength and flexibility to seek new opportunities and invest in existing projects”.
Manila-based ICTSI said the organization's capital expenditure will be in Brazil, Mexico, the Philippines and Congo's ICTSI said the organization will continue to carry out new expansion projects. The company spent $517 million to increase capacity in 2024. website.
The port business was founded in Manila in 1916 by Razon's grandfather and rebuilt by his father after World War II. In recent decades, young Razon has expanded its business globally, and ICTSI now operates in 19 countries.
In addition to ICTSI, Razon is also a publicly traded Bloomberry Resorts, the largest Philippine comprehensive casino resort operator, and a shareholder in privately owned major infrastructure capital, which has been building its portfolio of hydropower, gas, renewable energy assets. According to Forbes Real-time data.
