Chelsea Logistics and Infrastructure Holdings Corp., the shipping and logistics company of Davao-based businessman Dennis Uy, posted a net profit of P177 million, a turnaround from the P1.14 billion loss in 2023 in the wake of double-digit growth in revenue.
Company revenue rose 14 percent to P8.01 billion, surpassing its pre-pandemic peak in 2019. All business segments delivered strong growth even as the company navigated challenges related to vessel availability. Through enhanced asset optimization and strategic deployment of trading vessels, Chelsea Logistics effectively managed operational hurdles, setting an all-time high for revenue.
The Passage and Freight sectors played a pivotal role in Chelsea Logistics recovery, recording revenue growth of 20 percent and 9 percent, respectively. The growth was fueled by increased passenger and cargo volumes, improved rates, and an expanded fleet of trading vessels and ports of call.
Chelsea Logistics’ operational efficiency improvements were equally impressive, with consolidated operating profit surging by 11 times to P431 million, a notable recovery from an operating loss of P44 million in 2023. Additionally, the company’s Earnings Before Interest, Tax, Depreciation, and Amortization increased by 35 percent, reaching P2.07 billion, and Earnings per Share improved to P0.083 in 2024 from a Loss per Share of P0.545 in 2023.
Chelsea Logistics credited the company’s focus on digital innovation, operational stabilization, cost management, commitment to financial discipline, and long-term growth strategies for the recovery.
