Chelsea Logistics Holdings Corp. (CLC), the market leader in shipping and logistics industry in the country, generated P2.7 billion revenues for the first half of 2018, bringing its net income to P360 million, 29% higher than P278 million reported during the same period in 2017.
CLC’s first half revenues from its shipping activities grew to P2.6 billion, a 67% increase from the same period last year. The tankers and tugs business of CLC saw 37% growth in revenues contributing P1.2 billion to the top-line, while revenue from the freighter segment grew by 97% to P855 million during the first half of the year. The Company’s revenues from passage registered the highest growth at 116%, realizing P545 million over the same period.
As part of the continuous re-fleeting program of the Company, two (2) new additional cargo freight vessels and one (1) roll-on/roll-off and passenger (RoPax) vessel were launched in July 2018 through Trans-Asia Shipping Lines, Inc. Similarly, it would be recalled that the Philippine Competition Commission cleared Starlite Ferries, Inc.’s proposed acquisition of the entire shareholdings of Southwest Gallant Ferries, Inc. (Southwest Gallant) and Southwest Premiere Ferries, Inc. (Southwest Premiere). Southwest Gallant and Southwest Premiere each own one (1) RoPax vessel.
To date, CLC through its wholly-owned subsidiaries has 16 tankers, 14 tugboats, 22 RoPax vessels, 11 cargo ships, and one (1) floating dock, while 2GO Group operates eight (8) RoPax vessels, five (5) cargo ships, and 11 fastcrafts.
On the other hand, the Company recorded P128 million revenues from its logistics business, which implies a 6% growth on a pro-forma basis. Currently, the logistics services account for 5% of the Company’s consolidated revenues, while the shipping business remains the dominant contributor at 95% for the first half of the year.
“To further enhance the contribution of our logistics business units, we recently broke ground on a 2.5- hectare land which will be the site of a warehousing facility at Brgy. Tipas, Taguig City. Upon completion, this new facility’s capacity will be approximately seven (7) times bigger than the existing warehousing capacity of CLC through WorkLink Services, Inc.,” said CLC President & CEO Chryss Alfonsus V. Damuy.
CLC closed at P7.12 per share yesterday, August 7. As of the period ended June 30, 2018, CLC’s book value and earnings per share were P7.45 and P0.20, respectively.
ABOUT THE COMPANY
Chelsea Logistics Holdings Corp. (CLC) is the fastest growing shipping and logistics company in the Philippines. Established on 26 August 2016, CLC was created to act as the holding company of the shipping and logistics arm business segments of the Udenna Group of Companies. On August 8, 2017, the Company went public and its shares of stock were initially listed at the Philippine Stock Exchange (PSE). The Company is engaged in shipping and logistics businesses with key segments divided into: (i) Charter, (ii) Passage, (iii) Freight, (iv) Tugboat services, and (v) Logistics services.