The 66-year-old chairman of the Philippines’ largest ports operator now has a net worth of $21.8 billion, up from $11.5 billion in August last year, according to Forbes.
Shares of his company, ICTSI, have jumped 112% year-on-year, driven by resilient trade volumes, higher tariffs, cargo-service growth, and successful execution across its port network. Razon controls a 51% stake in the company through direct and indirect holdings.
The company saw revenue rise 29% year-on-year to $961 million in the first quarter, boosted by the inclusion of two new ports, Durban Gateway Terminal in South Africa and Batu Ampar Container Terminal in Batam, Indonesia, as reported by Port News.
Razon said ICTSI had delivered a “robust start to 2026”, with the new terminals and stable demand at existing facilities supporting growth in volumes and earnings.
The company this year plans to invest in expansions and equipment upgrades in its home country, the Philippines, along with overseas markets including Mexico, Brazil, the Democratic Republic of Congo, Honduras, Australia and Ecuador.
But regional performance was uneven: terminals in Asia and the Americas supported growth, while Europe, the Middle East and Africa faced weaker logistics activity in some existing operations.
Philippines International Container Terminal Services chairman Enrique Razon. Graphics by Read/Dat Nguyen. Top photo by Reuters |
Regardless, ICTSI’s latest earnings reinforced investor confidence in the company’s growth trajectory. Last year, revenue reached a new record of $3.23 billion, up 18% from 2024.
“Results highlight a shift toward a structurally higher earnings base, with growth increasingly driven by yields and mix rather than just volume,” said analysts at AB Capital Securities.
They also upgraded their outlook on the company’s shares to reflect stronger earnings visibility, improving yield mix, and confidence in sustained structural growth, supported by high margins and self-funded expansion.
There are solid foundations for this positive outlook. Razon said in a shareholders’ meeting in April that the company has earmarked $740 million for capital expenditures in 2026, up 14% from last year.
A primary driver of the 2026 spending is the completion of the Phase 3B expansion at Contecon Manzanillo S.A. in Mexico, a critical gateway for the company’s Latin American trade, according to the Manila Bulletin.
ICTSI also plans to fund ongoing developments at the Manila International Container Terminal, Manila North Harbour Port Inc., Mindanao Container Terminal, and South Luzon Container Terminal in Batangas.
Razon has been the Philippines’ richest individual since 2024, according to Forbes. Although the six Sy siblings topped the country’s “50 Richest” ranking last year, the family’s wealth is shared among six heirs, while Razon’s fortune is held individually.
His grandfather founded the family’s business with a port in Manila in 1916, which his father rebuilt after World War II. Razon later expanded the business into a global enterprise.
His hospitality company, Bloomberry Resorts, broadened its footprint in the Philippines by opening a second Solaire casino complex in Metro Manila in 2024.
Razon has also increased his infrastructure investments, acquiring Ayala Corp.’s stake and taking control of Manila Water in 2024.
In addition, he has interests in offshore gas fields in the West Philippine Sea. In 2025, he acquired a 60% stake in four gas-fired power plants previously controlled by the Lopez Group.
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