Global port operator International Container Terminal Services Inc. (ICTSI) reported a 23 percent increase in profits for the first quarter, as its expansive portfolio of terminals remained resilient despite geopolitical conflicts and their impact on global trade.

In a disclosure to the Philippine Stock Exchange (PSE), ICTSI said its attributable net income reached $293.57 million from January to March, compared to $239.54 million in the same period a year ago.

The company booked a 29-percent surge in revenues to $961.11 million from $745.42 million, driven by contributions from new terminals and stable demand from existing facilities.

ICTSI chairman and president Enrique Razon Jr. said this reflects the strength of the company’s diversified global portfolio, which helped cushion the impact of ongoing conflicts like the war in the Middle East.

“Our focus on operational efficiency, prudent cost management, and careful capital allocation continues to underpin the resilience of our business,” he said.

While it has yet to see any material impact on terminal operations, ICTSI said it will closely monitor developments in the Middle East, especially with regard to the Basra Gateway Terminal at the Port of Umm Qasr in Iraq.

The Basra Gateway Terminal primarily receives shipments from the Persian Gulf, which pass through the Strait of Hormuz, currently facing restrictions amid tensions between the United States and Iran.

ICTSI handled 4.08 million twenty-foot equivalent units (TEUs) in the first three months, 18 percent higher than the 3.47 million TEUs recorded last year. This was mainly due to volume contributions from two new terminals in South Africa and Indonesia.

Both terminals also contributed significantly to the 40 percent increase in expenses for the first quarter, which rose to $261.81 million from $187.66 million in the same period last year.

The company’s capital expenditures (capex) at the start of the year amounted to $117.94 million, or nearly 16 percent of its full-year target of $740 million.

ICTSI is increasing its capex this year by 14 percent, from last year’s $650.44 million, to support the expansion of its local terminals such as the Manila International Container Terminal, Mindanao Container Terminal, and South Luzon Container Terminal.

Abroad, the company is completing similar expansion projects for its terminals in Mexico, Brazil, and Congo, alongside other equipment acquisitions and upgrades.

To further diversify its portfolio, ICTSI is also working on four new projects in Australia, Honduras, Ecuador, and Mexico.

“As we progress with strategic expansions across our network, we remain committed to maintaining financial discipline and executing our long-term strategy to deliver sustainable value for our shareholders,” said Razon.