Chelsea Logistics and Infrastructure Holdings Corp., which is controlled by Davao-based businessman Dennis Uy through his parent holding firm -Udenna Corp., demonstrated strong core revenue growth and sustained operational efficiency in the first half of 2026, navigating severe macroeconomic headwinds.
For the six-month period ended June 30, 2026, consolidated revenues expanded by 12 percent year-over-year (YoY) to PHP5.220 billion, up from PHP4.665 billion in H1 2025.
Top-line expansion was primarily anchored by volume and rate gains across key operational segments.
The tugboat segment led growth with a 32 percent year-on-year increase, driven by improved fleet readiness and new charter contracts. Freight revenue grew by 22 percent, supported by enhanced shorebased services, while logistics grew 14 percent following strategic service expansions and ongoing digital investments.
Chelsea Logistics CFO Darlene A. Binay remarked, “Strict cost discipline enabled the Chelsea Group to enhance operational efficiency despite headwinds from high fuel costs, debt
servicing, and foreign exchange volatility.”
Demonstrating this focus, operating expenses fell 7 percent to PHP487 million, lowering overhead costs as a percentage of revenue from 11 percent to 9 percent. This disciplined approach enabled Operating Profit to rise 3 percent to PHP670 million, successfully offsetting gross margin pressures.
Total assets expanded by 2 percent to reach PHP32.833 billion as of June 30, 2026. This growth was supported by improved operational liquidity and long-term capital allocation to expand
fleet capabilities, notably marked by the deployment of two new RoPax vessels: MV Starlite Resilience and MV Starlite Gratitude.
Consequently, total equity held firm at PHP4.176 billion, translating to a book value per share of PHP1.95. EBITDA remained resilient at PHP1.597 billion, preserving a healthy 31 percent EBITDA margin, and earnings per share (EPS) stayed positive at PHP0.003.
Chelsea Logistics President & CEO Mr. Chryss Alfonsus V. Damuy attributed the H1 2026 performance to the operational agility and strategic foresight. “Looking ahead, we will build
on this momentum to unlock new growth opportunities, maximize shareholder value, and stay at the forefront of powering the nation’s trade and connectivity, ” said Mr. Damuy.
