Cebu-based Aznar Shipping Corp. posted a record P211 million in first-half revenues in 2026, more than double from a year earlier as additional vessels allowed the company to handle growing cargo and passenger demand across the Visayas.

Revenues rose 110 percent from P100.59 million in the first half of 2025, while net income climbed 155 percent to P53.19 million from P20.85 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) also nearly doubled, rising 97 percent to P103.12 million from P52.41 million.

Capacity increased to serve passengers and cargo

The company attributed the gains mainly to the deployment of MV Manoling 6 on the Cebu-Negros Occidental route and MV Alexander 1 between Cebu and Leyte, increasing its capacity to serve both passengers and rolling cargo.

Rolling cargo and vehicle transport accounted for about 86 percent of total revenues during the period, while passenger services contributed the remaining 14 percent.

“Our first-half results reflect the additional capacity we have deployed across our operations and the sustained demand for moving goods, vehicles and people between islands in the Visayas. As we strengthen our fleet, we are able to serve more customers and improve the frequency and reliability of our services,” president and CEO Kyle Alexander C. Aznar said.

Preparing for an IPO

Aznar Shipping is preparing for an initial public offering (IPO) of up to 1 billion primary common shares at an indicative price of up to P0.67 each. The offer includes an over-allotment option of up to 100 million secondary shares.

The primary offering could raise as much as P670 million for the company, which plans to use the capital to support its expansion.

Investor confidence based on company performance

With the planned listing coming relatively close to the expected GCash IPO, Aznar said investor confidence will ultimately depend on the company’s performance.

“So it’s really how we operate, how we perform. Confidence in our business, in our market, and, like I’ve been always mentioning, the fundamentals are there for us. Our numbers alone prove that,” Aznar said.