Chelsea sails back to profit with P177-M gain
Chelsea Logistics and Infrastructure Holdings Corp. (Chelsea Logistics) returned to the black in 2024 with a P177 million net income, reversing a P1.143 billion loss in 2023 and surpassing its 2017 listing-year profit by 24 percent.
The Dennis A. Uy-led shipping and logistics company said in a Tuesday stock exchange disclosure that it booked an all-time high revenue of P8.007 billion, up 14 percent year-on-year and surpassing its pre-pandemic peak in 2019.
The growth was powered by higher contributions across all business units, with the Passage and Freight sectors leading the charge through increased volumes, improved rates, and expanded routes.
Chelsea Logistics Chief Financial Officer Darlene A. Binay credited the company’s return to growth to “cost management initiatives, diligent efforts to reduce operating expenses, consistent monitoring of asset quality, and strategic liability management exercises.”
“These measures will not only drive efficiency but also position us for sustainable growth and long-term value creation for our stakeholders,” Binay added.
Meanwhile, Chelsea Logistics President and CEO Chryss Alfonsus V. Damuy noted that the overall growth was also driven by the company’s digital pivot, which enabled it to stabilize operations despite global market uncertainties.
“By fully embracing digital innovation, Chelsea Logistics was able to provide seamless and comprehensive services, reinforcing its continuing commitment to excellence and adaptability in a dynamic industry landscape.
Looking ahead, we will continue to leverage innovative digital solutions to bridge gaps, foster collaboration, and enhance our services,” Damuy said.
Last year, the company’s operating profit reached P431 million, a sharp rebound from a P44 million loss in 2023, while EBITDA climbed 35 percent to P2.074 billion. Earnings per share swung to P0.083 from a loss of P0.545 a year earlier.
Chelsea Logistics operates through subsidiaries including Chelsea Shipping, Trans-Asia, Starlite Ferries, TASLI Services, SuperCat, and Worklink.