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Hawaii's Most Profitable Companies 2013

Welcome to Hawaii Business’ third annual ranking of Hawaii’s most profitable companies, and some of the least profitable. As in the past, we’ve used data from public records, such as SEC filings and regulatory agency reports. This works fine for publicly traded companies and for companies in heavily regulated industries.

For most privately held companies, we’ve relied on numbers provided by the companies themselves.

In accounting, “profit” is a kind of abstraction. It’s just a number left on the income statement when you subtract expenses from revenues. And that number is affected by dozens of factors, many of which, like depreciation, amortization rates and mark-to-market rules, are also abstractions. In other words, profit isn’t always the same thing as cash in the bank. But it is a good yardstick for success. To paraphrase an old adage, profit may not be everything, but it’s a good way to keep score until someone invents something better.

Profit Rank 2013 Top 250 Rank 2013 Company name Gross Annual Sales (2012) Net Profit/Loss (2012) Profit as % of Revenue
1 11 First Hawaiian Bank $693,110,000 $216,920,000 31.3%
2 21 Hunt Companies*1 $351,750,000 $183,910,000 52.3%
3 13 Bank of Hawaii Corp. $620,775,000 $166,076,000 26.8%
4 1 Hawaiian Electric Industries, Inc. $3,374,995,000 $139,000,000 4.1%
5 19 Hawaiian Telcom $385,498,000 $109,982,000 28.5%
6 39 Central Pacific Financial Corp. $184,189,000 $54,124,000 29.4%
7 3 Hawaiian Airlines Inc. $1,962,353,000 $53,237,000 2.7%
8 34 First Insurance Company of Hawaii, Ltd. $192,810,203 $50,684,759 26.3%
9 7 Hawaii Pacific Health $983,780,000 $48,910,000 5.0%
10 4 Matson, Inc. $1,560,000,000 $45,900,000 2.9%
11 2 Hawaii Medical Service
Association (HMSA)
$2,736,298,483 $36,009,000 1.3%
12 54 Fairmont Hotels Resorts Hawaii* $145,851,000 $32,460,118 22.3%
13 24 Alexander Baldwin, Inc. $296,700,000 $20,500,000 6.9%
14 114 Territorial Savings Bank $60,149,000 $15,309,000 25.5%
15 184 PEMCO Ltd.* $28,840,490 $14,610,566 50.7%
16 92 Hale Koa Hotel* $73,639,500 $14,420,100 19.6%
17 36 Kauai Island Utility
Cooperative*
$188,451,736 $11,090,843 5.9%
18 120 HawaiiUSA Federal
Credit Union
$56,225,760 $10,735,719 19.1%
19 158 Hawaii Employers’ Mutual Insurance Co.* $36,995,009 $10,591,753 28.6%
20 175 Wells Fargo Home Mortgage of Hawaii, LLC* $30,618,073 $9,680,451 31.6%
21 25 Jim Falk Automotive Group* $289,730,235 $8,340,587 2.9%
22 37 UHA (University Health
Alliance)*
$186,800,000 $7,850,000 4.2%
23 169 Aloha Pacific Federal
Credit Union
$32,559,581 $5,294,619 16.3%
24 229 University of Hawaii Federal Credit Union $17,886,014 $5,007,900 28.0%
25 140 Hawaii State Federal
Credit Union
$45,517,237 $3,901,162 8.6%
26 136 Alternate Energy Inc.* $47,041,000 $3,862,000 8.2%
27 85 Maui Varieties Ltd.* $83,975,000 $3,785,000 4.5%
28 195 Cyanotech Corp. $24,631,000 $3,632,000 14.7%
29 160 Haleakala Solar Inc.* $36,500,000 $2,900,000 7.9%
30 210 Finance Factors Ltd. $21,701,000 $2,464,000 11.4%
31 94 Pasha Hawaii* $70,480,000 $2,270,000 3.2%
32 226 HFS Federal Credit Union $18,759,286 $1,877,069 10.0%
33 6 Kaiser Permanente Hawaii $1,126,108,794 $1,741,530 0.2%
34 132 Waianae District Comprehensive Health Hospital Board Inc. $52,419,000 $1,560,000 3.0%
35 152 Windward Auto Sales Inc.* $39,880,000 $1,040,000 2.6%
36 236 Hawaiian Islands Freight Association* $15,421,671 $930,150 6.0%
37 128 JBG Corp.* $53,368,834 $818,008 1.5%
38 248 Tanaka Of Tokyo Restaurants, Ltd.* $12,350,723 $631,975 5.1%
39 204 Child Family Service* $22,590,595 $518,036 2.3%
40 201 Castle Group, Inc. $22,774,487 $497,036 2.2%
41 167 Kahi Mohala Hospital $33,095,000 $462,000 1.4%
42 188 Hawaii National Bank $26,913,000 $439,000 1.6%
43 218 Kamaaina Care Inc. (dba Kamaaina Kids)* $20,153,208 $403,122 2.0%
44 102 Coastal Construction Co. Inc.* $65,820,506 $317,755 0.5%
45 196 Catholic Charities Hawaii* $24,270,000 $290,000 1.2%
46 60 North Hawaii Community Hospital $124,890,809 $156,085 0.1%
47 217 The Art Source, Inc.* $20,211,000 $100,000 0.5%
48 61 Select Income REIT* $122,790,000 $65,875 0.1%
49 190 YMCA of Honolulu* $26,470,000 $530 0.0%
50 206 Parents And Children Together* $22,337,807 $-93,765 -0.4%
51 232 Blood Bank of Hawaii $16,850,752 $-325,904 -1.9%
52 219 Royal Hawaiian Orchards, L.P. $20,107,000 $-373,000 -1.9%
53 234 Maui Land Pineapple Co. Inc. $16,164,000 $-4,602,000 -28.5%
54 165 Barnwell Industries, Inc. $34,062,000 $-10,136,000 -29.8%
55 181 Kahala Nui* $29,163,240 $-10,717,958 -36.8%
56 28 Forest City Hawaii* $247,000,000 $-19,000,000 -7.7%
57 17 Hawaii Health Systems Corp. $524,674,715 $-143,462,545 -27.3%

 

* Data was self-reported.

¹ Hunt Hawaii, which participated this year for the first time in the Hawaii Business Top 250, reported a $183 million profit in 2012; that represented 54 percent of its gross annual sales of $351 million. A spokeswoman for the company says much of the profit is due to the $311 million sale of The Waterfront at Puuloa in Ewa Beach.

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