Aznar Shipping profit jumps 155% ahead of stock market debut

Visayas ferry operator eyes ₱737M from planned PSE share sale.

Aznar Shipping Corp. is posting much stronger numbers ahead of its planned stock market debut, with first-half profit more than doubling as new vessels bring more cargo, vehicles and passengers across the Visayas.

The company reported ₱53.19 million in net income for the first six months, up 155% from ₱20.85 million a year earlier. Revenue reached ₱210.99 million, more than double last year’s ₱100.59 million, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 97% to ₱103.12 million.

Aznar operates nine vessels serving eight ports in Cebu, Negros, Leyte and Bantayan Island. Rolling cargo and vehicle transport generated 86% of revenue, with growth helped by the addition of MV Manoling 6 on the Cebu-Negros Occidental route and MV Alexander 1 between Cebu and Leyte.

The company said revenue has grown 94.4% on a compounded basis since 2023, reaching ₱223.9 million from ₱59.2 million.

Now, Aznar wants to use its planned IPO to add more vessels and build a dry-docking facility, which could improve maintenance and turnaround times.

Aznar has filed to sell up to 1.1 billion shares at as much as ₱0.67 each, potentially raising ₱737 million. It is targeting a December 18 listing on the PSE’s SME Board under “ALX.”

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