IPO-bound Aznar Shipping posts record H1 revenue on fleet expansion

Insider Spotlight

• First-half revenue surged 110 percent to a record P210.99 million as additional vessel capacity boosted cargo and passenger volumes.
• Net income jumped 155 percent to P53.19 million, while EBITDA rose 97 percent to P103.12 million.
• The company is preparing an IPO that could raise up to P670 million to support its expansion plans.

IPO-bound Aznar Shipping reported record first-half earnings after expanding its fleet capacity, with the Cebu-based inter-island shipping operator posting a 110-percent increase in revenue and a 155-percent jump in net income as stronger cargo and passenger demand lifted operations across the Visayas.

In a press briefing on Friday, Sept. 18, 2026, the firm's officials said the company generated P210.99 million in revenue for the six months ended June 30, 2026, up from P100.59 million a year earlier, while net income climbed to P53.19 million from P20.85 million.

The improved performance comes as the company prepares for an initial public offering that could raise up to P670 million in gross proceeds before yearend to fund its growth strategy.

Why it matters

The strong first-half results highlight growing demand for inter-island cargo and passenger transport in the Visayas, where Aznar Shipping focuses on short-haul, high-frequency routes linking key island economies.

Kyle Alexander Aznar

The Aznar Shipping chief is raising funds via the stock market to expand the firm's fleet and Visayas network.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 97 percent to P103.12 million from P52.41 million in the same period last year, reflecting improved operating performance alongside higher revenues. The company attributed the gains primarily to the deployment of MV Manoling 6 on the Cebu-Negros Occidental route and MV Alexander 1 on the Cebu-Leyte route, which expanded operating capacity and enabled it to serve more cargo and passenger traffic.

Rolling cargo and vehicle transport remained the company's largest revenue source, accounting for approximately 86 percent of first-half revenues, while passenger transport contributed about 14 percent. Aznar Shipping's roll-on/roll-off passenger vessels carry both passengers and rolling cargo on the same voyage, providing diversified revenue streams.

The bottom line

“Our first-half results reflect the additional capacity we have deployed across our operations and the sustained demand for moving goods, vehicles and people between islands in the Visayas,” Aznar Shipping CEO Kyle Alexander Aznar said during a press briefing on Friday, Sept. 18, 2026. “As we strengthen our fleet, we are able to serve more customers and improve the frequency and reliability of our services.”

The company operates four major inter-island routes connecting Cebu, Leyte, Panay and Negros Occidental through regular calls at eight ports. It said its expansion strategy remains focused on feeder routes where recurring demand and efficient vessel deployment support long-term growth, with IPO proceeds expected to help finance the next phase of expansion.

— Edited by Daxim L. Lucas