2014 Hawaii Business Top 250: Most Profitable Companies

A Look at profits for companies in the Top 250 List

August, 2014

There is always more than meets the eye when it comes to profits. Usually, behind the numbers are tales of triumph, struggle and hard work, though, sometimes, the rises or dips in profit are simply the result of a one-time sale or an optical illusion created by changing to a different accounting method.

In Hawaii Business’ fourth-annual ranking of Hawaii’s Most Profitable Companies, we provide deeper dimensions on the profitability of four local companies.

• Royal Hawaiian Orchards, one of the world’s largest growers and processors of macadamia nuts, is positioning itself for a reversal of fortune, despite losses of $2.91 million in 2013. Overall, the company had income of $13.8 million last year, slipping into the Top 250 at 235, 16 slots down from last year. Diverse factors contributed to this rough patch, including inadequate rain, which hurt its annual harvest. RHO hopes to make a big comeback in 2014, with a branding strategy that positions macadamias as a health food. The company has enlisted athletes for its branding efforts and plans to triple its distribution network to 10,000 retailers.

• Banks: Banks had a strong presence, with First Hawaiian Bank, Central Pacific Financial Corp and Bank of Hawaii hold the No. 1, 2 and 4 slots in the Most Profitable Companies. Central Pacific’s net profit, which rose by $118 million in 2012 to $172 million in 2013, catches the eye. This figure is attributed to an accounting move that enabled the bank to enter $119 million as an asset on its balance sheet, says Wayne Kirihara, chief marketing officer. Central Pacific’s now touts an impressive 13 quarters of positive growth.

• Hawaii Medical Service Association had a net income loss of $44.4 million in 2013. The loss resulted from various factors, including fees associated with the federal Affordable Care Act and overall increases in healthcare costs, according to a company spokeswoman. HMSA was able to cover those losses easily, by tapping into its reserves of $391.5 million. The company did have good news to celebrate in 2013, garnering $57.13 million in investment earnings, more than double its earnings in 2012.

• Kahala Nui ranks as the ninth most profitable company on the list – a stark contrast from last year’s No. 55. The rise is attributed to changes in accounting, according to Pat Duarte, CEO at Kahala Nui, one of the largest senior living facilities in Hawaii. “We haven’t done anything too drastically different,” Duarte says. The facility’s strong fundamentals include an occupancy rate of 98 percent and a long list of interested clients. Its debt rating was recently increased to BBB, which means cheaper financing.

Profit Rank 2014 Top 250 Rank 2014 Company name Gross Annual Sales (2013) Net Profit/Loss (2013) Profit as a percent of Revenue
1 11 First Hawaiian Bank $66,866,9000 $206,876,000 30.94
2 39 Central Pacific Financial Corp. $195,223,000 $172,075,000 88.14
3 1 Hawaiian Electric Industries, Inc. $3,238,470,000 $161,516,000 4.99
4 13 Bank of Hawaii Corp. $584,728,000 $150,502,000 25.74
5 8 Hawaii Pacific Health $1,070,607,749 $88,742,775 8.29
6 4 Matson, Inc. $1637,200,000 $53,700,000 3.28
7 3 Hawaiian Holdings, Inc. $2155,865,000 $51,854,000 2.41
8 22 Alexander & Baldwin, Inc. $365,200,000 $36,900,000 10.10
9 184 Kahala Nui $26,608,447 $19,505,877 73.31
10 151 Grove Farm Company, Inc. $38,511,000 $19,270,000 50.04
11 37 First Insurance Company of Hawaii, Ltd. $209,930,000 $18,665,102 8.89
12 95 Hale Koa Hotel $75,900,000 $17,800,000 23.45
13 113 Territorial Savings Bank $64,891,000 $14,647,000 22.57
14 20 Castle Medical Center $394,551,582 $14,052,734 3.56
15 21 Hawaiian Telcom $391,150,000 $10,488,000 2.68
16 124 HawaiiUSA Federal Credit Union $55,560,436 $9,843,635 17.72
17 131 Hawaii Employers’ Mutual Insurance Co. $49,907,224 $9,298,428 18.63
18 42 Kauai Island Utility Cooperative $184,714,288 $9,154,055 4.96
19 35 UHA (University Health Alliance) $215,588,000 $8,198,000 3.80
20 27 Paradise Beverages, Inc. $275,000,000 $6,000,000 2.18
21 108 Pasha Hawaii $69,160,000 $4,400,000 6.36
22 165 Aloha Pacific Federal Credit Union $31,263,847 $4,256,274 13.61
23 181 Cyanotech Corp. $27,581,000 $3,632,000 13.17
24 194 Finance Factors Ltd. $22,973,000 $3,524,000 15.34
25 203 Kualoa Ranch Hawaii, Inc. $21,064,827 $2,690,191 12.77
26 244 Maui County Federal Credit Union $9,063,985 $2,564,013 28.29
27 143 RESCO Inc. $45,700,000 $2,000,000 4.38
28 214 Hickam Federal Credit Union $17,808,850 $1,714,178 9.63
29 141 Chaminade University of Honolulu $46,200,000 $1,480,000 3.20
30 216 Hawaiian Insurance and Guaranty Co. Ltd. $17,226,000 $1,427,435 8.29
31 173 Aqua Engineers Inc. $28,900,000 $1,200,000 4.15
32 221 Hawaiian Islands Freight Association $16,127,541 $969,785 6.01
33 248 Bishop & Co. Inc. $8,142,000 $784,000 9.63
34 178 YMCA of Honolulu $28,204,000 $618,000 2.19
35 230 Native Hawaiian Veterans LLC $14,225,179 $514,958 3.62
36 236 Tanaka Of Tokyo Restaurants, Ltd. $13,740,921 $504,996 3.68
37 193 Catholic Charities Hawaii $23,800,000 $340,000 1.43
38 237 Fujikawa Associates Inc., dba Continental Mechanical of the Pacific $13,640,000 $280,000 2.05
39 67 Webco Hawaii Inc. $116,779,000 $260,603 0.22
40 146 Star of Honolulu Cruises & Events $41,150,000 $227,000 0.55
41 117 Pelatron Inc. $61,654,000 $203,000 0.33
42 192 Castle Group, Inc. $23,878,000 $202,000 0.85
43 202 Hawaii Preparatory Academy $21,130,000 $140,000 0.66
44 201 Kamaaina Care Inc. (dba Kamaaina Kids) $21,262,100 $76,438 0.36
45 90 Select Income REIT $81,670,000 $64,180 0.08
46 106 Honolulu Ford, Lincoln $69,965,250 $0 0
47 190 Hawaii National Bank $24,442,000 $-72,000 -0.29
48 121 Waianae District Comprehensive Health & Hospital Board Inc. $57,619,000 $-657,000 -1.14
49 137 Honolulu Builders, LLC $46,867,167 $-888,155 -1.90
50 6 Kaiser Permanente Hawaii $1,158,960,545 $-979,323 -0.08
51 235 Royal Hawaiian Orchards, L.P. $13,853,000 $-2,912,000 -21.02
52 189 Barnwell Industries, Inc. $24,608,000 $-8,563,000 -34.80
53 32 Forest City Hawaii $230,000,000 $-21,300,000 -9.26
54 2 Hawaii Medical Service Association (HMSA) $2,894,524,798 $-44,411,000 -1.53
55 16 Hawaii Health Systems Corp. $550,004,762 $-45,311,432 -8.24

Related Stories

Magazine Promo

On Newsstands Now

HB-11-14Cover

HB November 2014 Issue

Author:

Gina Gelber