Chelsea Logistics’s net income recovers in 2024
The company achieved a record-high revenue last year.
Chelsea Logistics has reported a consolidated net profit after tax of $3.09m (PHP177m) in 2024, recovering from the $19.98m (PHP1.143b) net loss recorded a year prior.
In a bourse filing, Chelsea Logistics its revenue grew 14% last year, setting an all-time high of $139.96m (PHP8.007b) and surpassing its pre-pandemic peak in 2019. This was thanks to higher revenue across all business segments, overcoming challenges related to vessel availability through enhanced asset optimisation and strategic deployment of trading vessels.
Passage and Freight sectors continued to lead the recovery, driving revenue growth by 20% and 9%, respectively. These increases were fueled by higher passenger and cargo volumes, improved rates, and the addition of more trading vessels and ports of call.
Chelsea Logistics President and CEO Chryss Alfonsus Damuy said operations stabilisation was the focus of the company last year amidst the impact of the global pandemic and uneven progress of recovery in certain markets and industries.
“By fully embracing digital innovation, Chelsea Logistics was able to provide seamless and comprehensive services, reinforcing its continuing commitment to excellence and adaptability in a dynamic industry landscape,” he said.
“Looking ahead, we will continue to leverage innovative digital solutions to bridge gaps, foster collaboration, and enhance our services,” he added.
$1 = PHP57.21
