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Chelsea Logistics and Infrastructure Holdings Corp. turned its fortunes around with a net profit after tax of P177 million in 2024 from a P1.143-billion net loss in 2023
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Revenues for 2024 grew 14% year-on-year to P8 billion, setting an all-time high record and surpassing its pre-pandemic peak in 2019
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The passage and freight sectors continued to propel the group’s recovery, fueled by higher passenger and cargo volumes, improved rates, and the addition of more trading vessels and ports of call
Chelsea Logistics and Infrastructure Holdings Corp. (CLC) turned its fortunes around with a net profit after tax of P177 million in 2024 from a P1.143-billion net loss in 2023.
Revenues for 2024 grew 14% year-on-year to P8 billion, setting an all-time high record and surpassing its pre-pandemic peak in 2019.
This achievement stemmed from higher revenue across all business segments, overcoming challenges related to vessel availability through enhanced asset optimization and strategic deployment of trading vessels, CLC said in a statement.
The passage and freight sectors continued to propel the group’s recovery, recording revenue increases of 20% and 9%, respectively, fueled by higher passenger and cargo volumes, improved rates, and the addition of more trading vessels and ports of call.
As a result of group-wide continuing cost management initiatives and operational efficiency improvements, consolidated operating performance soared by 10.9 times, reaching an operating profit of P431 million in 2024, a recovery from the operating loss of P44 million in 2023 and a key milestone since the COVID-19 pandemic.
Consolidated earnings before interest, tax, depreciation and amortization climbed 35% to P2.074 billion. Additionally, earnings per share significantly improved, rising to P0.083 in 2024 from a loss per share of P0.545 in 2023.
CLC president and chief executive officer Chryss Alfonsus Damuy said the group in 2024 “focused on stabilizing its operations amidst the impact of the global pandemic and uneven progress of recovery in certain markets and industries.”
He added: “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.”
CLC is the publicly listed shipping and logistics arm of Udenna Corp. Its subsidiaries include Chelsea Shipping Corp.; Trans-Asia Shipping Lines; Starlite Ferries, Worklink Services, Inc.; TASLI Services, Inc.; and SuperCat.
