Chelsea Logistics has made a remarkable financial recovery, posting a consolidated net profit after tax of PhP 177 million in 2024. This marks a significant turnaround from a PhP 1.143 billion net loss in 2023 and a 24% increase over its net income during the company’s 2017 listing year.
In 2024, the company experienced a 14% growth in revenue, setting an all-time high of PhP 8.007 billion, surpassing its pre-pandemic peak in 2019. This achievement was driven by improved performance across all business segments, successfully overcoming challenges related to vessel availability through better asset optimization and strategic deployment of trading vessels.
The passage and freight sectors were key contributors to the group’s recovery, with revenue growth of 20% and 9%, respectively. These gains were fueled by higher passenger and cargo volumes, improved rates, and the expansion of trading vessels and ports of call.
The group’s continued focus on cost management and operational efficiency led to a remarkable 10.9-fold improvement in its operating performance, with an operating profit of PhP 431 million in 2024, reversing the operating loss of PhP 44 million in 2023. This represents a major milestone in the post-pandemic recovery.
Additionally, the Group saw a 35% increase in Consolidated Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA), reaching PhP 2.074 billion. Earnings per share also showed significant improvement, rising to PhP 0.083 in 2024, up from a loss per share of PhP 0.545 in 2023.
Chelsea Logistics President & CEO, Chryss Alfonsus V. Damuy, stated, “In 2024, the Group focused on stabilizing its operations amidst the challenges posed by the global pandemic and the uneven recovery across various markets and industries.”
“By embracing digital innovation, Chelsea Logistics has been able to offer seamless, comprehensive services, demonstrating our ongoing commitment to excellence and adaptability in an ever-changing industry landscape. Looking ahead, we will continue to harness innovative digital solutions to bridge gaps, foster collaboration, and elevate our services.”
Chelsea Logistics CFO, Darlene A. Binay, added, “We extend our sincere gratitude to our creditors, suppliers, and stakeholders for their unwavering support and trust. As we continue navigating a dynamic market environment, our focus on financial discipline remains steadfast. Through targeted cost management initiatives, efforts to reduce operating expenses, continuous monitoring of asset quality, and strategic liability management, we are strengthening our foundation for sustainable growth and long-term value creation for our stakeholders.”
This financial turnaround underscores Chelsea Logistics’ resilience and strategic direction in overcoming challenges while positioning the company for future growth.
