With 22 facilities under his belt including the new terminals in Portland, Oregon and Croatia, International Container Terminal Services Inc. (ICTSI) chairman Enrique “Ricky” Razon Jr. – better known as the “port king” – is set to expand his kingdom to the Middle East by acquiring a major stake in Pakistan International Container Terminal Ltd. or PICT for an undisclosed amount. Located at the port in Karachi (Pakistan’s largest city), PICT can handle as much as 750 TEUs or twenty-foot equivalent units.
Analysts are really not surprised at this latest development considering ICTSI’s record profits, with revenues increasing by 26 percent in 2011 or approximately $665 million. In terms of volume, ICTSI attributed its growth to new shipping customers and the new ports in Portland and Croatia, aided by higher volumes. ICTSI reported a total of 5.2 million TEUs for 2011 – up 25 percent compared to 2010 figures, with a reported net profit increasing 33 percent to $130.5 million. Analysts says ICTSI will maintain a positive outlook for 2012 with a profit forecast of $156 million based on port revenues of $720 million and a TEU forecast of 5.4 million.
Almost exactly a year ago, we predicted on this space that Ricky would soon overtake many of the older tycoons in this country – and it seems Forbes’ latest listing of the world’s billionaires validates our year-ago “forecast.” Ricky is one of only six Filipino billionaires in Forbes’ global list, landing at number 683 with his net worth estimated at $1.9 billion. But who knows? At the rate Ricky is expanding (with property development also on his plate and his casino venture via Bloomberry Resorts Corp., one of the four granted a license to operate in PAGCOR’s Entertainment City project), most likely his name will be moving up to the top 500 in Forbes’ list of global billionaires. As they say in Spanish, “tiene razon” (there is reason).
Old block chip
SM Group patriarch Henry Sy led the list of Filipino tycoons that made it to Forbes magazine’s world’s richest list (topped by Mexican telecoms honcho Carlos Slim), landing at number 116 with a net worth estimated at $8 billion. SM earnings increased by 15 percent to over P21 billion in 2011, with retail operations contributing some 30.2 percent to the conglomerate’s net earnings, followed by the shopping malls which accounted for 23.5 percent and the real estate unit which contributed 15.2 percent in the total earnings.
SM retail posted an increase in sales by nine percent to P148.2 billion, largely driven by the opening of new stores which now total 169 made up of 41 department stores (with five located in China), 33 supermarkets, 65 SaveMore branches and 30 hypermarkets – making SM – (Tatang Sy) the biggest mall developer in the Philippines.
The biggest contribution to the profits, however, came from the banking units (primarily BDO) at 31.1 percent – again hardly a surprise considering that Tessie Sy Coson sits at the helm as chairman. Tessie, who has been named one of the 50 most powerful businesswomen in Asia by Forbes, ably led BDO amid initial “challenges” which included a lot of boardroom wars where she emerged winner. Obviously, a chip off the old block, as many observers rightfully note.
The ‘power of God’
Filipinos are very God-fearing people and more often than not, they attribute “unusual” circumstances or consequences to the “power of God.” This seems to be the overall sentiment of those who watched the interview of Sister Flory Basa, the 90-year-old Franciscan nun who also happens to be the aunt of Cristina Corona, wife of the embattled Chief Justice Renato Corona. Many who watched the interview admitted recalling the old hymn by William Cowper whose first two lines go: “God moves in mysterious ways; His wonders to perform,” convinced that the old lady may have just given the prosecution a breath of life in this long-running impeachment saga.
The nun – with her soft voice, serene countenance and obviously very lucid mental faculties – was more compelling than any of the prosecutors or the witnesses that so far have been presented in the trial. As interviews go, there were plenty of “revelations” but what struck ordinary Filipinos as the most riveting was Sister Flory’s statement that she has forgiven the Coronas, that she has no rancor for her niece and instead, is praying for the couple to receive enlightenment. When a God-fearing person invokes the name of God, people sit up and listen, convinced that there must be some message being communicated by God.
Spy tidbits
– Spy Bits sources informed us of a reported scuffle involving an airport photographer and Sheik Abdullah bin Faisal Al Thani, a member of the Al Thani dynasty and cousin of the Emir of Qatar. Apparently, the Qatari businessman arrived at the Ninoy Aquino International Airport with several of his friends – all of them allegedly intoxicated and acting unruly. During that time, a NAIA photographer was taking photos of OFWs that have been repatriated from Syria and who were on the same flight as the Sheikh and his group. The sources said the Sheikh and his friends did not take too kindly to the presence of the poor photographer who was only trying to do his job. Naturally, this kind of news is rather unfortunate considering that the Emir of Qatar, Sheik Hamad bin Khalifa Al Thani, is scheduled for a state visit early next month.
– When it comes to politics, it appears that Filipinos and French have one thing in common: they resort to heckling and egg throwing to express their displeasure. This is exactly what French President Nikolas Sarkozy experienced when he was pelted with eggs and crumpled flyers during a sortie in the southern town of Bayonne. Sarkozy is suffering from the worst poll ratings ever, and it certainly doesn’t help that his 15-year-old son figured in a “tomato attack” against a policewoman.
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Email: spybits08@yahoo.com