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Chelsea Logistics more then halved its net loss to P1.143 billion in 2023 from the previous year’s P2.531 billion loss
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Group revenue grew 10% in 2023 to P7.048 billion from P6.433 billion, surpassing its pre-pandemic 2019 revenue
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The group’s passage and freight segments posted increases in revenues by 50% and 3%, respectively
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Passengers carried by the group’s three shipping lines increased by 44% and the number of trips by 14%
Chelsea Logistics and Infrastructure Holdings Corp. (CLIHC) more than halved by 55% its net loss to P1.143 billion in 2023 from P2.531 billion in 2022.
Group revenue grew 10% to P7.048 billion from P6.433 billion, surpassing the pre-pandemic (2019) figure of P6.974 billion. The latest revenue is also an all-time high since the 2017 revenue of P3.909 billion, CLIHC said in a regulatory disclosure.
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The group’s passage and freight segments delivered year-on-year increases in revenues by 50% and 3%, respectively.
CLIHC said the improvements were in part driven by the increase in average rates to cover the rising fuel prices during the early part of the year.
With COVID-19 restrictions almost entirely relieved in 2023, passengers carried by the group’s three shipping lines increased by 44% to 2.62 million from 1.82 million, and the number of trips went up by 14% from 14,649 in 2022.
Consolidated gross profit advanced to P1.449 billion from 2022 for a 21% margin, driven by improvements in revenues and the unparalleled reduction in total direct costs in 2023. Additional vessels were brought back to trading status in 2023 which reduced fixed costs’ impact on margins.
CLIHC said group-wide cost containment initiatives helped mitigate other operating costs despite increased business requirements, but the vessel availability issues still pulled down overall growth.
“With the Group’s businesses strongly directed on recovery and driving steady growth, the Group thrives on the accomplishment of key strategic projects, furthering resilience alongside external pressures and improving long-term growth prospects,” CLHIC said.
It added it is “in talks with Japanese and Korean shipbuilding partners for additional roll-on/roll-off (RoRo) vessels to be funded by partners, to add to fleet to serve and expand the Group’s ports of call.”
CLIHC is the shipping and logistics arm of the Udenna Group of Companies. Its subsidiaries include Chelsea Shipping Corp.; Trans-Asia Shipping Lines, Udenna Investments B. V.; Starlite Ferries, Worklink Services, Inc.; TASLI Services, Inc.; and SuperCat.
