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Harbor Star Shipping Services’ net income soared 881% to P189.1 million in 2024 from P19.3 million in 2023
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The group’s consolidated service income increased by 14.1% to P3.078 billion last year
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Revenue from harbor assistance grew 5.2% year-on-year to P1.876 billion as HSSSI assisted 8,401 ships, slightly higher than the 8,123 ships services in 2023
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Revenue from the construction business surged 190% to P201.6 million while revenue from other services such as oil and chemical spill response, grew 34.4% to P655.825 million
Harbor Star Shipping Services, Inc’s (HSSSI) net income soared 881% to P189.1 million in 2024 from P19.3 million in 2023.
The group’s consolidated service income increased by 14.1% to P3.078 billion last year from P2.663 billion in 2023, the marine services provider said in a regulatory disclosure.
Revenue from harbor assistance, which accounted for 61.8% of the total service income last year, grew 5.2% year-on-year to P1.876 billion. HSSSI said it continued its market dominance last year, assisting 8,401 ships, slightly higher than the 8,123 ships serviced in 2023. Of the total last year, 4,833 were foreign vessels and 3,568 were domestic vessels.
Another positive contributor to the growth in service income was the 190% increase in construction revenue to P201.6 million. Last year, HSSSI’s subsidiary, Harbor Star Construction Corp. (HSCC) completed a number of projects, including a concrete jetty in Davao, and refurbishment and installation of fenders and buoy and pipeline service in Mariveles, Bataan.
Revenue from the solar power business likewise improved 37.7% to P193.362 million revenue from other services such as oil and chemical spill response, grew 34.4% to P655.825 million.
On the other hand, revenue from towing services dropped 30.7% to P39.217 million while lighterage services revenue shrank 50% to P56.209 million. Salvage income also declined 25.8% to P6.623 million.
Cost of services in 2024 increased by 19.2% year-on-year to P2.152 billion mainly due to higher costs of rent, charter hire, repairs and maintenance, taxes and licenses, transportation and travel, outside services, personnel cost and supplies and construction supplies.
As of December 2024, HSSSI, including its domestic subsidiaries and affiliates, has established operations in 11 base ports all over the country. The group maintains and manages a fleet of 51 domestically and internationally-classed tugboats; seven barges; one landing craft tank; and one dredger.
HSSSI’s subsidiaries and affiliates include Harbor Star Subic Corp., Peak Flag Sdn Bhd, Harbor Star Energy Corp., Harbor Star East Asia (Myanmar) Ltd., HSCC, and Kaibuok Star Shipyard Inc.
